Using the income approach, the smallest component in the calculation of GDP is:
A. net interest.
B. rental income.
C. profits.
D. compensation of employees.
Answer: B
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Marginal cost is the change in the:
A) total cost associated with producing one more unit of output. B) average total cost associated with producing one more unit of output C) average variable cost associated with producing one more unit of output. D) opportunity cost associated with producing one more unit of output.
The outcome of the game in the figure shown will be:
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.
A. Starbucks will expand and Dunkin Donuts will not.
B. Starbucks will not expand and Dunkin Donuts will.
C. Starbucks and Dunkin Donuts will both expand.
D. neither Starbucks nor Dunkin Donuts will expand.
The longer the time period considered, the more the elasticity of supply tends to _______.
a. decrease b. remain constant c. increase d. converge to zero
If a country has lower overall productivity levels than its trading partners, then it will
A) be unable to export. B) have a trade deficit. C) not be able to obtain gains from trade. D) have a lower standard of living than its trading partners.