Which of the following represents the largest share of U.S. gross domestic product (GDP)?
A) services
B) agricultural production
C) the production of manufactured goods
D) the production of physical goods
E) the production of capital goods
Ans: A) services
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Pizza at Home is a frozen pizza company that supplies several large grocery store chains. The managers of Pizza at Home are currently negotiating a four year contract with Saucy Pizza, a manufacturer of pizza sauce. Saucy Pizza will supply a specified quantity of canned tomato sauce to Pizza at Home over a four year period; however; Pizza at Home can ends its contract with Saucy Pizza at the end
of the first, second, or third years if Saucy Pizza does not supply quality tomato sauce. What can the manager of Pizza at Home do to avoid the end-game problem? A) Inform Saucy Pizza that Pizza at Home will nominate them for a supplier industry award if they provide quality tomato sauce in all four years. B) Pay Saucy Pizza in installments at the end of the first, second, and third years. C) Pay Saucy Pizza in equal installments at the end of each of the four years. D) Pay Saucy Pizza in full at the beginning of the first year.
A "sticky price" model has its primary characteristic (i.e., sticky prices) due to
a. barriers to entry b. a monopoly situation c. differentiated products d. too many competitors e. a gap in marginal revenue curve
Off-budget expenditures:
What will be an ideal response?
The length of the short run
a. is different for different types of firms. b. can never exceed 3 years. c. can never exceed 1 year. d. is always less than 6 months.