Which of the following components are used to calculate GDP?
a. tons as a unit of measurement; intermediate goods; new products
b. dollars as a unit of measurement; final services; new products
c. millimeters as a unit of measurement; intermediate goods; used products
d. dollars as a unit of measurement; final services; used products
b. dollars as a unit of measurement; final services; new products
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All of the following are resources EXCEPT
A) doctors because they perform services. B) the land the Statue of Liberty sits on. C) the computer in the student computer lab. D) money.
For the United States, suppose the value of exported goods is greater than the value of imported goods. This implies that
A) the domestic currency will depreciate. B) the dollar price of foreign currency will increase. C) the country is running a deficit in its balance of trade. D) the country is running a surplus in its balance of trade.
Suppose that a price-discriminating firm divides its market into two segments. If the firm sells its product for a price of $22 in the market segment where demand is relatively less elastic, the price in the market segment whose customers' demand is more elastic will be
a. $22. b. greater than $22. c. less than $22. d. $22 plus average fixed costs
When drawing a demand curve,
a. demand is measured along the vertical axis, and price is measured along the horizontal axis. b. quantity demanded is measured along the vertical axis, and price is measured along the horizontal axis. c. price is measured along the vertical axis, and demand is measured along the horizontal axis. d. price is measured along the vertical axis, and quantity demanded is measured along the horizontal axis.