Refer to Table 19-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?
A) $428,000 B) $267,000 C) $24,000 D) $1,424
A
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A common misperception about consumer demand is that
A. demand depends on many other variables. B. price is a major determinant of quantity. C. it is a fixed amount. D. quantity cannot be determined in advance. E. All of these responses are correct.
Refer to Table 8.3 . Assume the price of labor is $5.00 and the price of capital is $10.00 and the firm's fixed costs are $15
What production technique will be used to produce the first unit of output? The second? The third? What are the firm's total variable costs, total costs, and marginal costs of producing one unit of output? Two units of output? Three units of output?
A free rider is a person who pays for a good but does not receive the benefit of it
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying figure. When this market is in equilibrium, total producer surplus in the market is ________ per day.
A. $500 B. $375 C. $0 D. $250