Three equivalent ways to measure GDP are total ________, total ________, and total ________.
A. production; income; expenditure
B. profits; production; saving
C. expenditure; income; profits
D. investment; consumption; saving
Answer: A
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Under monopolistic competition, firms produce ________ products and have prices ________ marginal cost.
A. differentiated; above B. differentiated; below C. homogenous; above D. homogenous; below
Americans will benefit if China has enough purchasing power to enable its people to buy American products
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 3.7 below to answer the following question(s).
?Figure 3.7Refer to Figure 3.7. Assume the market is initially at Point B and that pizza is a normal good. An increase in income would cause the market to move from Point B on demand curve D2 to
A. Point C on demand curve D2. B. demand curve D1. C. Point A on demand curve D2. D. demand curve D3.
Total surplus:
A. can never fall below zero. B. is always above zero. C. can never be zero. D. is less than the consumer surplus.