According to the above table, Gross Domestic Product as calculated by the income approach is
A. $14,925 billion.
B. $15,619 billion.
C. $10,121 billion.
D. $10,646 billion.
Answer: A
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Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at $1.50 per bottle and coffee at $2.00 per 16-ounce cup. Which of the following marginal utility pairs is inconsistent with Jeremy's consumer equilibrium at these prices?
a. MU of iced tea = 3; MU of coffee = 4 b. MU of iced tea = 4; MU of coffee = 3 c. MU of iced tea = 6; MU of coffee = 8 d. MU of iced tea = 3/4; MU of coffee = 1
The supply curve reflects the marginal ______.
a. cost to sellers b. cost to buyers c. tax rate d. subsidy rate
??Firm 2???High PriceLow PriceFirm 1High PriceFirm 1 earns $100; Firm 2 earns $100Firm 1 earns $25; Firm 2 earns $150?Low PriceFirm 1 earns $150; Firm 2 earns $25Firm 1 earns $50; Firm 2 earns $50Table 12.2In the game shown in Table 12.2, the firms:
A. both have a dominant strategy of choosing a low price. B. both have a dominant strategy of choosing a high price. C. do not have a dominant strategy. D. will alternate between high price and low price strategies.
The idea of the "Invisible Hand" is that people make lifetime consumption plans.
Answer the following statement true (T) or false (F)