A very small percentage of GDP tends to come from the service sectors in poor countries.
Answer the following statement true (T) or false (F)
False
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Considering all costs of production, the marginal cost of producing a hot dog is $1.00. The price of a hot dog is $1.50. Thus, the producer surplus from this hot dog is
A) $1.50. B) $1.00. C) $.50. D) Zero, because $1.50 is the most anyone would pay for a hot dog.
An appreciation in the U.S. dollar would
a. encourage foreigners to make investments in the United States. b. discourage foreign consumers from buying U.S. goods. c. increase the number of dollars it would take to buy a Swiss franc. d. encourage foreigners to buy more U.S. goods.
The strategy underlying price discrimination is to
a. charge higher prices to customers who have better access to substitutes. b. charge everyone the same price but limit the quantity they are allowed to buy. c. increase total revenue by charging higher prices to those with the most inelastic demand for the product and lower prices to those with the most elastic demand. d. reduce per-unit cost to the firm by charging higher prices to those with the most inelastic demand and lower prices to those with the most elastic demand.
The concept of ____________________is based on voluntary decisions made by producers.
Fill in the blank(s) with the appropriate word(s).