A firm's revenue from selling its product minus the cost of inputs purchased from other firms is called:
A. production costs.
B. profits.
C. investment.
D. value added.
Answer: D
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Refer to Table 23-1. Using the table above, compute aggregate expenditure and identify the macroeconomic equilibrium
What will be an ideal response?
An increase in the price of corn will lead to
A) an upward (and leftward) movement along the demand curve for corn. B) a leftward shift in the demand curve for corn. C) a rightward shift in the supply curve for corn. D) an increase in the quantity of corn consumed.
Deforestation is occurring in tropical areas because
a. long-run economic considerations outweigh short-run considerations b. global economic considerations outweigh domestic considerations c. tropical soil is good for growing farm crops d. the value of jobs created by deforestation exceeds the cost to society e. there is no property right to the earth's climate
Which of the following can be the best measure of the standard of living in a country?
a. Nominal GDP plus information about non-market indicators such as health and education b. Real GDP plus information about non-market indicators such as health and education c. GDP deflator plus information about base year pricing d. Per capita GDP plus information about non-market indicators such as health and education