Which of the following is considered a service in the calculation of GDP?
A. Manufacturing automobiles.
B. Tax preparation.
C. Constructing new homes.
D. Manufacturing reclining chairs.
Answer: B
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In any society, an effective system of property rights would not be possible without
A) the cooperation of other people. B) the entire legal system to adjudicate them fairly. C) the police to enforce them. D) non-property (public rights).
All of the following are characteristics of long-run equilibrium for firms in a monopolistically competitive market except:
A) price equals marginal cost. B) price equals average total cost. C) marginal cost equals marginal revenue. D) price exceeds the minimum of average total cost.
If the product produced by workers experiences a decrease in demand, the value of marginal product of labor will:
A. increase, increasing the demand for labor. B. increase, decreasing the demand for labor. C. decrease, increasing the demand for labor. D. decrease, decreasing the demand for labor.
The 2008 financial crisis was caused by the decline of real estate values as well as several other factors
a. True b. False Indicate whether the statement is true or false