To measure GDP using the expenditure approach you must collect data on
A) inflation.
B) exports.
C) wages.
D) saving.
B
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Diseconomies of scale are illustrated by:
A) a downward sloping long-run average cost curve. B) a flat long-run average cost curve. C) an upward-sloping long-run average cost curve. D) an upward-sloping short-run average total cost curve.
The domestic currency of a country depreciates in value when: a. there is an increase in the foreign currency price of the domestic currency. b. its value falls in relation to another currency
c. the government of the country revaluates the domestic currency. d. its value rises in relation to another currency. e. there is a fall in the domestic demand for foreign currency.
A beekeeper decides to locate her business on a plot of land that lies between an apple orchard and an elementary school. Which of the following is a positive externality that can result from the business?
a. The cost of the beehives to the beekeeper b. The possibility of the bees stinging the students at the school c. The bees helping to pollinate the orchard, leading to more fruit production d. The honey that is produced by the bees
There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are
a. monopolistic competition and oligopoly. b. duopoly and triopoly. c. perfect competition and monopolistic competition. d. duopoly and imperfect competition.