The primary value of real GDP is its ability to measure year-to-year changes in
What will be an ideal response?
real output.
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On the "demand side" of a market, consumers indicate what they are willing to buy, in what quantity and at what price
Indicate whether the statement is true or false
Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $A. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean and $300,000 if it's polluted. What is the combined profit of both firms without abatement?
A. $1,300,000 B. $900,000 C. $700,000 D. $1,400,000
Which of the following is not a characteristic of capitalism?
a. Private ownership of the factors of production. b. Businesses make their own product and price decisions. c. Public ownership of the factors of production. d. Decentralized decision-making using markets.
Table 25.2Pool SweeperOutput (Revenue)Market Share (%)North Star$20,000 Hurricane$16,000 Blue Lagoon$2,000 Clean Sweep$2,000 Refer to Table 25.2. Assume there are only four firms in the pool sweeper industry. What is the Herfindahl-Hirschman Index for this industry?
A. 4,125. B. 50. C. 4,150. D. 2,500.