Gross Domestic Product is the market value of all ________ produced within a country in a given period of time
A) final goods
B) intermediate goods
C) final services
D) intermediate services
E) final goods and services
E
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Even though it often does not result in profit maximization, some small firms use a cost-plus pricing strategy anyway because
A) they sell several products, each of which sells for a different price. The time and expense involved in finding the profit-maximizing price for each product are not worth the effort. B) they do not understand what marginal revenue and marginal cost mean. C) it is easy to use. D) it is expensive to hire an economist who can determine what the profit-maximizing price is.
In general, any ceteris paribus determinant of supply that is favorable to production will
A) cause a movement along the supply curve. B) shift the supply curve to the right. C) shift the demand curve to the left. D) shift the supply curve to the left.
The optimal level of air quality will increase if
a. the cost of polluting increases b. pollution is found to be self-absorbing c. a new process allows pollution to be removed more cheaply d. the marginal social cost of air quality increases e. the marginal social benefit of air quality decreases
Since World War II, the share of total income going to the bottom 20 percent of U.S. households has
A) fallen by 20 percent. B) increased by 10 percent. C) remained constant. D) more than doubled.