Most goods and services produced at home
a. and most goods and services produced illegally are included in GDP.
b. are included in GDP while most goods and services produced illegally are excluded from GDP.
c. are excluded from GDP while most goods and services produced illegally are included in GDP
d. and most goods and services produced illegally are excluded from GDP.
d
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In the Baumol model, a change in fixed costs will
A) increase total quantity sold. B) have no effect on total quantity sold. C) decrease total quantity sold. D) have an effect on total quantity sold.
Product differentiation in monopolistically competitive markets ensures that ____ in equilibrium
a. marginal cost will exceed average revenue b. price will exceed marginal cost c. average variable cost will be declining d. marginal revenue will equal average total cost
A duopoly is a form of oligopoly with two firms
a. True b. False Indicate whether the statement is true or false
Why are net transfers referred to as “unilateral” net transfers?
a. The transfers have no effect on the current account balance. b. They are one-sided in that no monetary payment is expected in return. c. The transfers go to only one foreign country each year. d. They are one-sided in that money only flows out of the United States.