In 2016 final sales equal $500 billion and the change in business inventories is -$40 billion. GDP in 2016 is
A. -$40 billion.
B. $460 billion.
C. $500 billion.
D. $540 billion.
Answer: B
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A firm’s price is
A. greater than average revenue. B. greater than marginal revenue. C. less than marginal cost. D. equal to average revenue.
As a firm hires more workers, holding capital and other factors constant, the marginal physical product of labor declines because
A) there are diseconomies of scale. B) less efficient workers are hired as the number of workers increase. C) workers don't perform well in teams. D) the amount of other inputs each worker has to work with declines as the number of workers increases.
Monitoring the performance of the people managing the firm is easiest in the case of
A) proprietorships. B) partnerships. C) corporations. D) S corporations.
Higher rates of interest increase the opportunity cost of holding money balances
a. True b. False Indicate whether the statement is true or false