We can calculate the GDP by adding the values added by each firm that produced the goods and services
a. True
b. False
Indicate whether the statement is true or false
True
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Land used to grow alfalfa could also be used to grow hay. Which of the following is true when the farmer plants hay and the market price of alfalfa rises?
a. The opportunity cost of producing hay decreases. b. The opportunity cost of producing hay increases. c. There will be no change in the opportunity cost of producing hay. d. The opportunity cost of producing alfalfa increases.
Which of the following statements is true?
A) The level of innovation is likely to be similar in an economy with inclusive institutions and an economy with extractive institutions. B) The number of entrepreneurs is likely to be higher in an economy with extractive institutions than an economy with inclusive institutions. C) The number of entrepreneurs is likely to be lower in an economy with extractive institutions than an economy with inclusive institutions. D) The level of innovation is likely to be similar in a command economy and a market economy.
When a country specializes and trades with other countries, it is most likely that it specializes in goods for which
A) it has a comparative advantage. B) it has an absolute advantage. C) it has no advantage. D) are very costly to produce.
If one were to consider a university as a business, the computers in the computer labs would be regarded by economists as
a. technology flows. b. mechanization flows. c. part of the university's stock of capital. d. a flow of services from the university's stock of capital.