It is difficult in economics to perform controlled experiments.
Answer the following statement true (T) or false (F)
True
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The value of every monetary transaction in the economy would be included in
a. GDP. b. potential GDP. c. personal income. d. national income. e. None of the above.
If increases in capital per worker lead to increased output per worker, but by decreasing amounts as capital increases, the per-worker production function _____
a. is vertical b. has a decreasing slope c. has an increasing slope d. has a negative slope e. is horizontal
A monopolist can maximize profits by determining the quantity where price is equal to marginal cost.
Answer the following statement true (T) or false (F)
Answer the question on the basis of the following national income data for the economy. All figures are in billions of dollars. Personal Consumption Expenditures 400 Government Purchases 128 Gross Private Domestic Investment 88 Net Exports 7 Net Foreign Factor Income 0 Consumption of Fixed Capital 43 Taxes on Production and Imports 50 Compensation of Employees 369 Rents 12 Interests 15 Proprietor's Income 52 Corporate Income Taxes 36 Dividends 24 Undistributed Corporate Profits 22 Statistical Discrepancy 0 Refer to the above data. Net domestic product is:
a) $520. b) $580. c) $623. d) $573.