If GDP is $400 billion, depreciation is $100 billion, and net factor income from the rest of the world is -$60 billion, then net national product is
A. $240 billion.
B. $300 billion.
C. $360 billion.
D. $440 billion.
Answer: A
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If a graph of a perfectly competitive firm shows that the MR = MC point occurs where MR is above AVC but below ATC,
A) the firm is earning negative profit, and will shut down rather than produce that level of output. B) the firm is earning negative profit, but will continue to produce where MR = MC in the short run. C) the firm is still earning positive profit, as long as variable costs are covered. D) the firm is covering explicit, but not implicit, costs. E) the firm can cover all of fixed costs but only a portion of variable costs.
Suppose you order a slice of pepperoni pizza and a soda at a shopping mall food court. What are examples of the opportunity costs of this decision?
What will be an ideal response?
By requiring that policyholders pay a deductible on a claim, insurers guard against
a. symmetrical information b. adverse selection c. natural selection d. moral hazard e. the winner's curse
Experience rating systems for pricing insurance are based on past medical bills of a firm's employees.
Answer the following statement true (T) or false (F)