Total physical product is the quantity of a firm’s output based upon a given input usage.
Answer the following statement true (T) or false (F)
True
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If the market for a product is broadly defined, then
A) there are many substitutes for the product and the demand for the product is relatively elastic. B) the good has many complements. C) the expenditure on the good is likely to make up a large share of one's budget. D) there are few substitutes for the product and the demand for the product is relatively inelastic.
An increase in demand is reflected as a rightward (outward) shift of the demand curve and is caused by an increase in price
a. True b. False Indicate whether the statement is true or false
Aggregation means the:
A. participation in national economic policy discussions. B. enhancement of the power and wealth of a nation. C. worsening of an economic situation. D. adding up of individual economic variables to obtain economy wide totals.
An economy produces 500,000 tables valued at $100 each. Households purchase 100,000 tables, of which 50,000 are imported. Businesses purchase 200,000 domestically produced tables, the government purchases 100,000 domestically produced tables, and 50,000 domestically produced tables are sold abroad. At the end of the year, the table manufacturers hold the unsold tables in inventory. What is value of the investment component of GDP?
A. $20 million B. $30 million C. $25 million D. $10 billion