Real GDP is the product of the
A. total hours of work times the labor force.
B. labor force times the output per hour.
C. nation’s capital stock times the output per hour.
D. total hours of work times the output per hour.
Answer: D
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If firms are protected by substantial barriers to entry, short-run profits can turn into long-run profits
Indicate whether the statement is true or false
The index that is not based on a fixed market basket of goods and services is the
A) CPI. B) PPI. C) Wholesale Price Index. D) GDP Price Deflator.
The monopolist faces a downward sloping demand curve, and maximizing profits requires the monopolist to
A) accept the market price for its product. B) will produce where the demand curve is inelastic. C) search for the price consistent with producing to the point at which marginal revenue equals marginal cost. D) search for the highest possible price consistent with maximizing its revenues, irrespective of its explicit and implicit opportunity costs.
Will depletable resources such as oil, coal, and aluminum be exhausted if their prices are left to the market?