The sum of the value added at every stage of production is equal to the
a. final selling price of a product
b. value of all the intermediate transactions in the production process
c. value of national income in the economy
d. value of net domestic product in the economy
e. value of all the inventories in the economy
A
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Privatization of Social Security involves
A) tax reductions. B) benefit reductions. C) increasing the retirement age. D) investing portions of the trust fund in corporate securities.
If successive units of a good are consumed, the marginal utility gained typically:
A. increases at the same rate for all people. B. increases at different rates for different people. C. decreases at the same rate for all people. D. decreases at different rates for different people.
Villagers in Xiaogang, China, produced more rice than those in surrounding villages because:
a. they had better farmland. b. they were given better seeds. c. they were able to keep the output they produced individually. d. they made each family responsible for a certain, higher quota of rice production. e. they had common ownership over the rice produced.
In the short run, the monopolist should continue to produce whenever
a. price is greater than zero b. price is less than average total cost c. price is greater than average variable cost d. price divided by average total cost exceeds the ratio of marginal cost to average cost at the optimal output e. price is less than average variable cost at the optimal output