A firm's revenue from selling its product minus the cost of inputs purchased from other firms is called:
A. investment.
B. value added.
C. production costs.
D. profits.
Answer: B
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Government purchases in national income accounts would include payments for ________.
A. unemployment benefits B. salaries for current U.S. military officers C. public assistance for welfare recipients D. Social Security checks to retirees
To measure GDP using the expenditure approach you must collect data on
A) inflation. B) exports. C) wages. D) saving.
Using the Cobb-Douglas production function, while holding other inputs constant, if the amount of a specific factor is increasing ________
A) the increased amount of output from an extra unit of input declines B) the increased amount of output from an extra unit of input increases C) that factor's share of output is declining D) that factor's share of output is increasing E) none of the above
George Washington's troops at Valley Forge were almost destroyed by price controls
a. True b. False Indicate whether the statement is true or false