Gross Domestic Product in 2017 is more than five times larger than it was in 1960 but it is important to note that
A. none of the growth represented additional output of goods and services.
B. this measurement of output fails to account for any of the effects of inflation.
C. the population also grew substantially over the same time period.
D. available graphs of output are unable to display such growth.
Answer: C
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The cross elasticity of demand is a measure of how
A) responsive consumers are to changes in the price of a product. B) responsive suppliers are to changes in the price of a product. C) demand for a product changes when the price of a substitute or complement changes. D) total revenue changes when the price of a product changes. E) demand for a product changes when income changes.
The combinations of gasoline and coffee along one of Sam's indifference curves are combinations
A) which require the same total expenditure. B) that he can afford with his $60.00 income. C) among which he is "indifferent." D) that give him the same marginal rate of substitution.
Technology can enable producers to economize on:
a. labor b. capital c. land d. any of the above.
Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity