Gross Domestic Product is best defined as
A. the total market value of all final goods and services that exist in an economy at a given point in time.
B. the total market value of all intermediate goods and services produced during a year by factors of production located within a nation's borders.
C. the value added to all goods produced in an economy during a year.
D. the total market value of all final goods and services produced during a year by factors of production located within a nation's borders.
Answer: D
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Fresh Air is a large company that repairs residential air conditioners in many homes spread across a state. The company has 50 employees who each have their own repair van. Because the managers of Fresh Air cannot monitor every employee on every repair job, the company sends a satisfaction score card to each customer asking them how pleased they are with the service. If an employee receives a
high satisfaction score, the employee receives a bonus. The bonus policy incentives the employees to do all of the following to earn a high satisfaction score except which one? A) Offer the customers free services or free up-grades on the repairs. B) Stop and take a lunch break on the way to the repair job. C) Perform a good repair. D) Be courteous to the customer
Which of the following is associated with a less elastic demand curve?
a. availability of many close substitutes b. a greater amount of time for consumers to respond to a price change c. a smaller percentage of income spent on the good in question d. all of the above
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
The estimated short-run marginal cost function (SMC) at Straker Industries is:
A. SMC = 43.4 ? 5.6Q + 0.6Q2 B. SMC = 43.4 ? 1.4Q + 0.07Q2 C. SMC = 43.4Q ? 5.6Q2 + 0.6Q3 D. SMC = 43.4Q ? 1.4Q2 + 0.07Q3
In the short run, a firm should shut down when
A. MR = ATC. B. MR > MC. C. P < AVC. D. P > MC.