GDP is a:
A. stock concept and refers to the market value of all output sold.
B. flow concept and refers to the market value of all output sold.
C. flow concept and refers to the market value of final output.
D. stock concept and refers to the market value of final output.
Answer: C
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If production indifference curves cross, this indicates that there are different ways to produce the same output level.
Answer the following statement true (T) or false (F)
If there was no profit effect, but there was a misperception effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical
If a monopolist is able to practice perfect price discrimination, there will be no consumer surplus.
Answer the following statement true (T) or false (F)
A student has a job that pays a wage rate of $10 per hour. The night before an economics exam, the student has set aside four hours to study for the exam, estimating that for each hour spent studying, her grade will rise by 5 points
That night, she gets a call from her employer to come to work for a wage rate of $15 per hour for that night. She decides to work for three hours and earn an extra $45.00. The next day she takes the test and gets a grade of 75. The opportunity cost for her work is A) the $45.00 she earned. B) the 15 extra points she estimates that she could have earned on the exam if she had studied the extra three hours. C) the three hours she did not study. D) the entire four hours she set aside for studying.