GDP is:
a. the total value of all consumer expenditures within a given period
b. national income after taxes.
c. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period.
d. the value of all final goods and services produced domestically within a given period.
d
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An import tariff will cause the terms of trade of the ________ country to ________ and will ________ the country
A) importing; improve; benefit B) exporting; improve; benefit C) importing; suffer; harm D) exporting; improve; harm E) importing; improve; harm
Because taxes distort incentives, they cause markets to allocate resources inefficiently
a. True b. False Indicate whether the statement is true or false
When a competitive firm produces output up to the point at which the price is equal to marginal cost, it also hires labor up to the point at which the wage is equal to the
a. marginal cost of labor. b. marginal profit of labor. c. marginal product of labor. d. value of the marginal product of labor.
For good A and good B, the consumer maximizes personal satisfaction when
A) MUA/PA = PB/MUB. B) PA/MUA = PB/MUB. C) MUA/PA = MUB/PB. D) MUA/MUB = PA/PB.