Which of the following would be counted as a final good for inclusion in GDP?
a. A piece of glass bought this year by a consumer to fix a broken window.
b. A sheet of glass produced this year by Ford for windows in a new car.
c. None of these choices would be counted in GDP.
d. A tire produced this year and sold to a car maker for a new car sold this year.
a
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Suppose potatoes were produced in Canada by many, many firms in perfect competition. In Belgium, only one firm produces potatoes for the Belgium market. Suppose as well that for the competitive firms and the monopoly, minimum ATC is the same. We would expect then, that in Belgium the price of potatoes is _____________ and ____________ potatoes are produced and sold than in Canada
a. higher; more b. lower; more c. higher; fewer d. lower; fewer e. the same; fewer
Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:
a) GDP in 2010 is $450 billion. b) NDP in 2010 is $450 billion. c) GDP in 2010 is $500 billion. d) inventories in 2010 fell by $50 billion.
Under the aggregate expenditure model, which of the following is always equal to output?
a. aggregate demand b. aggregate expenditure c. income d. investment
A monopolist maximizes profits by setting the quantity where:
A. marginal revenue is equal to marginal cost. B. marginal revenue is greater than marginal cost. C. marginal revenue is less than marginal cost. D. total revenue is as high as possible.