Which of the following transactions is included in the GDP?
A. giving your friend a gift worth of $20
B. cleaning your own house
C. paying a doctor for a medical checkup
D. selling your 2018 Tesla vehicle
Answer: C
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When the price of Starbucks coffee increased by 8 percent, the quantity demanded of Peet's coffee increased by 10 percent. Calculate the cross-price elasticity of demand between Starbucks coffee and Peet's coffee
What is the relationship between the two products?
Give a short concise definition for the following terms and explain their relationship to the study of economics. a. Marginal physical product b. Marginal revenue product c. Law of diminishing returns d. Economies of scale
What will be an ideal response?
If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is
A) -1.25. B) inelastic. C) Both A and B above. D) Neither A nor B above.
A monopolist has four distinct groups of customers. Group A has an elasticity of demand of 0.2, B has an elasticity of demand of 0.8, C has an elasticity of demand of 1.0, and D has an elasticity of demand of 2.0
The group paying the highest price for the product will be A) A. B) B. C) C. D) D.