The value-added approach of calculating GDP:
A. is an alternative, and equally valid, way of avoiding the problem of double-counting.
B. lets us break down the total value paid and see how much of it was created at each step of the production process.
C. is especially useful when thinking about services involved in the resale of existing goods.
D. All of these are correct.
D. All of these are correct.
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Jake just bought a new hockey stick. When he was leaving the shop, he thought that he such a great deal and would have paid $50 more dollars for the stick. Jake received
A) producer surplus. B) equilibrium. C) marginal cost. D) total surplus. E) consumer surplus.
Refer to Scenario 17.1. An employer who only wants to hire individuals who find learning less costly can do so by choosing y* to be anywhere between
A) 7 and 14. B) 8 and 13 1/3. C) 10 and 16. D) 13 1/3 and 20. E) 14 and 20.
If all firms in a perfectly competitive industry are earning a normal profit, then:
A. existing firms will exit the industry. B. new firms will enter the industry. C. there is no incentive for firms to enter or exit the industry. D. the market supply curve will shift to the left.
A "two-tier" labor market in the United States refers to plenty of jobs for ________ workers and few jobs for ________ workers.
A. old; young B. highly-skilled; unskilled C. unskilled; highly-skilled D. eastern; western