A landlord rents his rat-infested apartment for $700 per month for a total of twelve months this year. What happens to GDP?
A) It increases by $8,400.
B) It increases by the difference between the rent charged and the price of any maintenance and repairs.
C) It decreases by $8,400.
D) Nothing.
A
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According to the above figure, if the firm is earning zero economic profits, what quantity is the firm selling and at what price?
A) Q = 200; P = $4 B) Q = 1,000; P = $5 C) Q = 800; P = $4 D) Q = 1,200; P = $7
Which act of Congress extended the government's authority to block horizontal and vertical mergers?
a. Clayton Act. b. Sherman Antitrust Act. c. Celler-Kefauver Act. d. Robinson-Patman Act.
According to public choice theorists, the primary concern of policy makers is
a. the public interest b. achieving a social optimum for the economy as a whole c. to protect their jobs d. the provision of public goods e. market failure
Union leaders who focus on increasing the size of their union will generally accept a wage just above the competitive level.
Answer the following statement true (T) or false (F)