What is the best measure of the value of output of an economy?
A. GDP
B. GNP
C. NNP
D. the GDP deflator
Answer: A
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Answer the next question(s) based on the data contained in the following table.Units of LaborTotal ProductProduct Price00$2.201152.002281.803391.604481.405551.206601.10Assume that the firm is hiring labor in a purely competitive market. If the wage rate is $11, how many workers will the firm choose to employ?
A. 5 B. 4 C. 3 D. 2
Businesses are less likely to make investment expenditures in order to increase their production or initiate new ventures under which of the following conditions?
A) if the economy appears to be weakening B) if interest rates increase C) if corporate income taxes increase D) all of the above
What does a current account deficit do that is positive for a nation?
What will be an ideal response?
Adopting a uniform menu across all sites provides the McDonald's Corporation __________ by spreading the cost of menu development over a large output
a. economies of scale b. diminishing returns c. constant returns to scale d. rising marginal product e. more flexibility