All of the following statements are correct EXCEPT
A. Gross Domestic Product (GDP) = NDP + capital consumption allowance (depreciation).
B. NDP = Gross Domestic Product (GDP) - depreciation (capital consumption allowance).
C. NI = NDP + indirect business taxes.
D. net exports = total exports - total imports.
Answer: C
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Socialism is correctly described by which of the following statements?
a. Central planning is used exclusively to answer the basic economic questions. b. Markets are used exclusively to answer the basic economic questions. c. Tradition is used exclusively to answer the basic economic questions. d. Government ownership of many resources and centralized decision-making answers the basic economic questions.
Institutional constraints, such as immigration policies, affect the shape and location of the labor supply curve.
Answer the following statement true (T) or false (F)
I prefer 10 apples and 6 oranges to 9 apples and 3 oranges. This is an example of
A. transitivity. B. more is better. C. convexity. D. completeness.
As a fishing firm hires its first, second, and third workers, it could find that marginal product actually rises. The reason for this is:
A. diminishing returns have set in. B. the division of labor creates greater productivity. C. less qualified workers are becoming available. D. all workers perform identical tasks.