If GNP is $650 billion and depreciation is $70 billion, then net national product is
A. $560 billion.
B. $580 billion.
C. $610 billion.
D. $720 billion.
Answer: B
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Producer surplus is the amount a seller receives for a good or service
Indicate whether the statement is true or false
In the above figure, the combination of personal computers and televisions shown by point w
A) is an efficient use of society's resources because it is below the production possibilities curve. B) is more desirable than point x because producing at point w does not put a strain on society's resources. C) is attainable but involves the inefficient use of some of society's resources. D) is beyond the capacity of society to produce.
The private market:
a. tends to overproduce public goods because they are nonrivlarous b. can produce public goods more efficiently than the government can c. earns excessive profit on public goods
Knowing how to translate between present and future value can be useful when:
A. the benefits and opportunity cost occur at different times. B. there are no benefits and costs. C. there are benefits and costs occurring at the same time. D. the current costs are higher than the present benefits.