Which of the following does GDP omit?
A) Jack purchases $2,300 worth of stock in company X.
B) Bob mows his lawn and washes and irons his shirts.
C) Helen receives $4,000 a year in Social Security payments.
D) a and b
E) a, b, and c
E
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In economic terminology, what is the meaning of investment?
What will be an ideal response?
The Tea Act:
a. raised the price of tea to colonists. b. allowed for more "middlemen" to be involved in the exportation of tea from India to America. c. made tea an "enumerated good" under the Navigation Acts. d. harmed smugglers of Dutch tea.
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
a. operate at minimum long-run average cost. b. overutilize its insufficient capacity. c. None of these choices are correct. d. produce at the level in which price equals long-run average cost.
Hours of OperationMarginal Cost16212318424530636742
Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that Krystal's marginal benefit of staying open per hour is $18. If she is following the marginal principle, how many hours should Krystal stay open?
A. 3 hours B. 4 hours C. 6 hours D. 7 hours