Using the above table, the GDP is (in billions of dollars)
A. 8,200.
B. 10,200.
C. 8,900.
D. 9,500.
Answer: D
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Oligopoly is about the ________ and monopolistic competition is about the ________.
A. variety of products; number of firms B. number of firms; variety of products C. variety of products; barriers to entry D. barriers to entry; number of firms
John Doe participates in a welfare program which pays him $6,000 dollars. He can work but he loses 50 cents of the welfare check for every dollar he earns over $5,000. How much wage income will he have to earn to escape poverty if the poverty line for him is $17,000 per year?
A. $17,000 B. $11,000 C. $12,000 D. $14,000
Markets will underproduce goods that yield external benefits and overproduce those that generate external costs.
Answer the following statement true (T) or false (F)
Suppose there is a decline in the demand for the product labor is producing. Furthermore, the price of capital, which is complementary to labor, increases. Thus, the demand for labor
A. will decrease. B. will increase. C. may either increase or decrease. D. will not change.