The market value of all final goods and services in an economy produced by resources owned by people of that economy, regardless of where the resources are located, is
a. gross domestic product
b. gross national product
c. net national product
d. national income
e. gross private domestic investment
B
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Setting a fair price means
a. c and e b. lowering the price until the monopolist says "unfair" c. pricing at the point where average fixed and average variable costs sum to the price d. imposing unreasonable restrictions on the price making capability of competitive firms e. pricing as if the market were actually competitive
If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
Which of the following explains why the U.S. poverty threshold increased from $3,000 per year in 1963 to $25,000 per year in 2017?
A. The government has become more benevolent than it was in 1963. B. Inflation has caused the price for basic necessities to increase since 1963. C. Americans are more spoiled now than they were in 1963. D. The threshold includes more luxury items now than it did in 1963.
The supply curve for a pure monopolist:
A. is the portion of the marginal cost curve that lies above the average variable cost curve. B. is perfectly price-elastic at the market price. C. does not exist because there is no fixed relationship between price and quantity supplied. D. is upsloping across all relevant ranges of output.