The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product
A) equals
B) is greater than
C) is less than
D) is sometimes greater than and other times less than
Answer: A
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The above figure represents the average total cost curves of a wheat farmer
a. Which average total cost curve has the lowest average total cost of producing 30,000 bushels of wheat? b. Over what range of output is the farmer experiencing economies of scale? c. Over what range of output is the farmer experiencing diseconomies of scale? d. Which average total cost curve has the lowest possible average cost of production? e. Which average total cost curve represents the largest plant?
In a perfectly competitive labor market, a profit-maximizing firm will hire labor up to the point at which the
a. wage rate = MRC b. wage rate < MRP c. wage rate = MRP d. wage rate > MRP e. wage rate = MP
Which of the following properties can be associated with an indifference curve of a risk-averse investor?
a. Indifference curve for a risk-averse investor is a vertical line parallel to the variance axis. b. Two indifference curves can intersect at the equilibrium combination of risk and return. c. An indifference curve closer to the expected return axis gives a better utility than the one farther away. d. Indifference curve for a risk-averse investor is always downward sloping.
If the required reserve ratio is 20 percent and a customer deposited $5,000 in the bank, how much is available to the bank for lending?
(A) $3,500 (B) $5,000 (C) $4,000 (D) $1,000