Sophia just bought shares of IBM stock for $20,000 and paid a $300 commission to her broker. How did this impact GDP?
A) GDP increased by $20,300
B) GDP increased by $300
C) GDP increased by $20,000
D) GDP increased by $19,700
E) it had no impact on GDP
B
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Which of the following is a difference between an oligopoly model with homogeneous products and a monopoly?
A) Firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run. B) Firms in an oligopoly with homogeneous products face stiff competition from its rivals, while there is no competition in a monopoly. C) There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly. D) Firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run.
In order to promote growth in living standards, policymakers must
a. protect property rights. b. maintain political stability. c. encourage the accumulation of factors of production. d. All of the above
Interest is the payment for the use of
A. borrowed funds. B. natural resources. C. labor. D. any factor of production.
A prisoner's dilemma exists for global pollutants because:
a. countries do not face the full cost of pollution that they generate. b. countries that regulate pollution gain more than countries that do not regulate pollution. c. countries that regulate pollution lose more than countries that do not regulate pollution. d. no country follows international agreements to limit pollution.