Gross domestic product is the market value of all final goods and services produced in the economy of a given territory during a defined period of time
a. True
b. False
Indicate whether the statement is true or false
True
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If the price of a good increases, ________
A) the budget constraint shifts to the right B) the budget constraint shifts to the left C) the consumer surplus increases D) the consumer surplus decreases
An individual decides to rent an apartment for $7,000 per month. The commuting time from this apartment to his office is 80 hours per month
If the individual's opportunity cost of time is $30 per hour, calculate the direct cost, indirect cost, and total cost per month she would incur if she rents the apartment.
The aim of antitrust policy is to
a. provide adequate incentives for inventors and entrepreneurs. b. prevent firms from acquiring or exercising undue market power. c. prevent firms from becoming very large. d. regulate the prices charged by oligopolies.
Firms that offer to pay for college tuition for their employees are investing in ________ capital.
A. tangible B. social C. productive D. human