Gross Domestic Product is defined to be the market value of all the final goods and services produced during a given time period
A) within a country.
B) within and outside a country by that country's citizens.
C) by citizens of the country, regardless of their place of residence.
D) by only legal residents of the country.
E) within a county minus the market value of all the final goods and services produced by that country's citizens outside the country.
A
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Which of the following statements is correct?
A) The markup pricing rule that is derived from the rule for profit maximization can be used as a substitute for determining the profit-maximizing level of output by equating marginal revenue and marginal cost. B) It is reasonable to assume that a profit-maximizing firm will never operate in the inelastic portion of its demand curve. C) The ability of a profit-maximizing firm to mark up price above average cost is unaffected by the price elasticity of demand for the firm's output. D) The markup factor and the price elasticity of demand are positively related, i.e., as the price elasticity of demand increases, the markup factor that the profit-maximizing firm can apply to its marginal cost in setting price increases as well.
Unions have the power to
a. set all working rules. b. increase the firm's total taxes. c. push wages above competitive levels at times. d. make a firm nationalized.
An "originate-to-distribute" strategy means:
a. Mortgage originators make loans with the intention of having investors purchase and hold them. b. Mortgage originators make loans with the intention of keeping these assets on their balance sheets. c.Innovative mortgage loans are more likely to be sold and distributed to investors' than standard, run-of-the-mill mortgage loans. d. Originating loans is a lengthy process that requires originators to hold mortgages for longer periods than they want. Therefore, a strategy is needed for to distribute these loans as soon as the holding period is done.
Exhibit 7-3 Cost per unit curves
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In Exhibit 7-3, if the price of the firm's product is $2.00 per unit, the firm will produce:
A. 5 units per day. B. 10 units per day. C. 15 units per day. D. 20 units per day.