The income approach to calculating GDP:
A. is more accurate than using the expenditure approach.
B. is less accurate than using the expenditure approach.
C. will generate the same answer as using the expenditure approach.
D. is simpler to calculate than the expenditure approach.
C. will generate the same answer as using the expenditure approach.
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In the United States, marketing cooperatives are most prevalent in
a. manufacturing. b. agriculture. c. the accounting profession. d. law firms.
A seller with market power has greater command over product price compared to a perfect competitor and is thus less enthusiastic in devising new ways to create economic value
Indicate whether the statement is true or false
Which statement is true?
A. All land has the same value. B. The supply of land rises with demand. C. The supply of urban land rises with increases in demand. D. The rent on a particular piece of land is based on the supply of land.
Which of the following statements best expresses why economic efficiency should be society's first goal?
A. Since the consensus on what is a fair distribution of goods is impossible, efficiency is the next best goal. B. Efficiency gives the poor an incentive to improve their economic status. C. Efficiency maximizes total economic surplus and thereby allows other goals to be more easily achieved. D. People are not really concerned about the problems of the poor, so government must address them instead.