Refer to Table 8-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?
A) $428,000 B) $267,000 C) $24,000 D) $1,424
A
You might also like to view...
Keynes believed that changes in autonomous spending were dominated by unstable fluctuations in ________, which are influenced by emotional waves of optimism and pessimism—factors he referred to as "animal spirits."
A) unplanned investment spending B) actual investment spending C) planned investment spending D) autonomous consumer expenditures
When the social cost curve is above a product's supply curve,
a. the government has intervened in the market. b. a negative externality exists in the market. c. a positive externality exists in the market. d. the distribution of resources is unfair.
Statistical discrimination is not always:
A. useful. B. legal. C. ethical. D. All of these statements are true.
Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources?QuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. 10, 15, 20, and 25 units B. 10, 15, and 20 units C. 10 units D. 10 and 15 units