GDP includes the value of leisure, and leisure is estimated based on the worker's foregone hourly earnings (opportunity cost) from their tax returns and/or completed census survey forms
Indicate whether the statement is true or false
false
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A competitive firm's shutdown price is equal to the minimum value of the firm's
a. marginal cost. b. average cost. c. average variable cost. d. fixed and sunk costs.
Explain the significance of brand management to a firm that has differentiated its product. Comment specifically on the importance of obtaining a trademark
What will be an ideal response?
The international financial system operated under a gold standard
a. from the 1500s through the present b. from 1879 through the present c. from 1879 to 1914 d. from 1914 to 1939 e. never
If monetary policy moves unemployment below its natural rate, both expected and actual inflation will rise
a. True b. False Indicate whether the statement is true or false