GDP is based on the market value of goods and services produced in an economy and not on the value of only final goods and services
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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A key reason for the existence of firms is that, compared to markets, firms often achieve lower
A) explicit costs. B) transactions costs. C) accounting costs. D) scope of team production.
Economics
According to the H-S definition of income, employer contributions are excluded from money income.
A. True B. False C. Uncertain
Economics
The marginal rate of technical substitution is equal to:
A) the absolute value of the slope of an isoquant. B) the ratio of the marginal products of the inputs. C) the ratio of the prices of the inputs. D) all of the above E) A and B only
Economics
Economic inefficiency of a monopoly is indicated by
A) P = ATCmin. B) P > MR. C) P > MC. D) MR = MC.
Economics