In a two-good economy, the price of video games is $40 and the price of energy drinks is $2. If the annual output of this economy is 100 video games and 500 drinks, the GDP is ________
A) $50,080
B) $25,200
C) $5,000
D) $20,200
E) none of the above
C
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The table above shows data reported by the Office for National Statistics for the United Kingdom in September 2000. In September 2000, the labor force participation rate is
A) 34.8 percent. B) 40.3 percent. C) 63.1 percent. D) 58.3 percent. E) 59.7 percent.
The forces that determine the cost of production are largely independent of the forces that shape demand
a. True b. False
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
In the long run, there will be ________ firms in this market.
A. 15 B. 25 C. 10 D. 50
If incomes in the United States increase, other things equal, then U.S. _____
Fill in the blank(s) with the appropriate word(s).