The value of a General Motors' automobile produced in Spain is not included in our GNP
Indicate whether the statement is true or false
F
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Money costs and opportunity costs are concepts that are
A. not related in any meaningful way. B. used by tax accountants. C. related through the relative prices of goods and services. D. used by economists to learn the most efficient level of output.
Refer to Table 13-2. What is the marginal profit from producing and selling the 5th case?
A) $275 B) $145 C) $35 D) $20
An import quota will raise the local price of a good, which will _____ consumer surplus and_____ producer surplus
a. decrease; increase b. increase; increase c. decrease; have no effect on d. have no effect on; increase
Which one of the following states a central element of the economic way of thinking?
What will be an ideal response?