Computation of GDP by the expenditures method would include the purchase of ________.
A. land by the U.S. Department of Interior
B. government bonds by a commercial bank
C. fertilizer by a farmer
D. cement by a construction company
Answer: A
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In Figure 3-4 above, the shift from Ap0 to Ap1 could have been caused by a ________ in T of ________
A) fall, 300 B) fall, 180 C) fall, 500 D) rise, 300 E) rise, 500
If firm-level asymmetric information becomes more severe, then
A) investment demand increases. B) investment demand decreases. C) investment demand does not change. D) it is impossible to tell.
A firm's _______ shows the amount of output a firm can produce from given amounts of inputs using efficient production methods.
A. production possibilities set B. efficient production frontier C. production function D. production possibilities curve
Total surplus is equal to
a. value to buyers - profit to sellers. b. value to buyers - cost to sellers. c. consumer surplus x producer surplus. d. (consumer surplus + producer surplus) x equilibrium quantity.