One difficulty of computing the value of GDP is that there are no market prices for
A. exports and imports.
B. business investments.
C. government goods and services.
D. resource values.
Answer: C
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A firm faces competitive markets for its inputs and its output. At the profit maximizing level of output, its marginal cost is $10 and the wage paid is $2. If the MPL = L-0.5, how many workers will be hired by the firm?
A) 35 B) 40 C) 25 D) 5
If the simplified technology costs $2 million to develop, what is the expected gain from developing the voice activated software
a. $5million b. $6million c. $7million d. $10million
Savers supply funds to those who want to borrow for their investment spending needs in the:
A. market for loanable funds. B. market for savings. C. market for interest rates. D. stock market.
Which of the following activities describes the opportunity cost of attending an economics class?
a. the value of the time it takes to get to campus every day b. the cost of the gasoline needed to drive a car to campus c. the value of the highest valued alternative that must be forgone because of attending the class d. transportation costs plus the cost of tuition and textbooks for the course