Which of the following would be included in this year's GDP?
a. the value of a used car, at its sale price
b. the value of a new domestic automobile, at its sale price
c. a sale of Microsoft stock from one individual to another
d. the face value of a life insurance policy paid to a woman at the death of her husband
B
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A factor of production refers to any good or service that is:
A) produced by the government. B) produced in a competitive market. C) used to produce other goods and services. D) produced using scarce economic resources.
With respect to wealth in the United States, we presently find that the richest one percent of Americans own approximately how much of the nation's wealth?
A) 10 percent B) 35 percent C) 70 percent D) 85 percent
Diseconomies of scale:
a. occur only in the short run. b. occur when at least one resource is fixed and unit costs decrease as the quantity of production increases. c. occur when at least one resource is fixed and unit costs increase as the quantity of production increases. d. are represented by the upward-sloping portion of the short run average total cost curve. e. occur when all resources are variable and unit costs increase as the quantity of production increases.
A common resource is:
A. not rival in consumption and not excludable. B. rival in consumption, but not excludable. C. rival in consumption and excludable. D. not rival in consumption, but excludable.