Any output combination inside a production possibilities frontier is associated with unused or underutilized resources
Indicate whether the statement is true or false
TRUE
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The farmer pays 20 cents for the seed that is sold to the miller for 35 cents; the miller makes flour and sells it to the baker for 55 cents. The baker makes bread and sells it to the grocery store for 80 cents and the store sells it to consumers for $1.00. The contribution to Gross Domestic Product (GDP) is
a. $1 b. $2 c. $3 d. $4
In the figure above, Nike maximizes its profit if it sells ________ pairs of shoes per day
A) 120 B) 87 C) 137 D) 150
If the minimum efficient scale in aluminum production exceeds the quantity of aluminum any individual aluminum siding producer buys,
a. siding producers should integrate backward into aluminum production b. there will be a monopoly in aluminum production c. siding producers should not integrate backward into aluminum production d. siding producers will be charged prices above what the cost of producing aluminum themselves would be e. siding companies will switch to vinyl
If Real GDP is less than Natural Real GDP, then the (actual) unemployment rate is
A) less than the natural unemployment rate. B) equal to the natural unemployment rate. C) greater than the natural unemployment rate. D) less than or greater than the natural unemployment rate, but we cannot determine which one. E) b and d