Which of the following would be included in the calculation of the GDP for the year 2010?
a. Purchase of a 2004 model Volkswagen sedan in 2010
b. Swapping of baseball cards among two college students
c. Car repairs done by a person
d. Fresh lemonade sold at a local diner
e. A lamp sold at a garage sale
d
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When costs spill over to third parties, there is a(n)
A) cost overrun. B) excessive competition. C) negative externality. D) government subsidy.
Table 11-1 Quantity (units)18161412104Price per unit (dollars)123 4 5 6 Total cost (dollars)44 3832262014Table 11-1 shows demand and total cost schedules for Monopoliteria. At its profit-maximizing level of output, Monopoliteria’s profit is
A. $10. B. $15. C. $22. D. $30.
For a certain firm, the 100th unit of output that the firm produces has a marginal revenue of $7 and a marginal cost of $10 . It follows that the
a. production of the 100th unit of output increases the firm's profit by $3. b. production of the 100th unit of output increases the firm's average total cost by $7. c. firm's profit-maximizing level of output is less than 100 units. d. production of the101st unit of output must increase the firm's profit by more than $3.
Everyone agrees that globalization causes greater income inequality between rich and poor countries
Indicate whether the statement is true or false