Gross Domestic Product is a dollar measure of
a. total gross investment in an economy.
b. total industrial sales in a particular time period.
c. the total physical product of the economy.
d. the value of all final goods and services produced in one time period.
d
You might also like to view...
When two or more individuals own a business that does not have a legal existence separate from that of the individuals, it is known as a
a. joint proprietorship. b. multi-owner corporation. c. partnership. d. cooperative.
In a principal-agent problem, if the contract implies that the more risk-averse agent will bear less risk, we can say that this contract exhibits
A) efficiency in risk-bearing. B) risk sharing is not optimal because the less risk-averse (or risk-neutral) agent should bear none of the risk. C) risk sharing is not optimal because all risk should be transferred to the most risk-averse agent. D) risk sharing is not optimal because risk-neutral agents should face no risk.
The opportunity cost of an action: a. can be objectively determined only by economists
b. is a subjective valuation that can only be determined by the individual who chooses the action. c. can be determined by adding up the dollar costs incurred as a result of the action. d. can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
A monopolistically competitive market
a. is imperfectly competitive, and all imperfectly competitive markets are monopolistically competitive. b. is imperfectly competitive, but not all imperfectly competitive markets are monopolistically competitive. c. is imperfectly competitive, whereas an oligopolistic market is not imperfectly competitive. d. is not imperfectly competitive.