In making comparisons of personal income among countries, care must be exercised because in poor countries much of what is produced does not pass through markets and thus does not get counted in the nation's income.
Answer the following statement true (T) or false (F)
True
Nonmarket production, such as making one's own clothes and preparing one's own food, do not count in national income and production statistics.
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When a bargaining solution is reached
A) each player receives a net surplus greater than or equal to zero. B) we have a Nash equilibrium. C) the sum of the net surpluses is the Nash product. D) Both A and C.
All else equal, it is more likely for a case to be settled the ________ the plaintiff's assessment of the expected (received) payment and the ________ the total cost of litigation.
A) smaller; smaller B) larger; smaller C) larger; larger D) smaller; larger
Scott used $4,000,000 from his savings account that paid an annual interest of 5% and a $60,000 loan at an annual interest rate of 5% to purchase a hardware store. After one year, Scott sold the business for $4,100,000 . His accounting profits is:
a. $300,000 b. $100,000 c. $97,000 d. $20,000
An increase in the price of raw materials will shift both the MC and the ATC curves upward
a. True b. False Indicate whether the statement is true or false