When we calculate GDP, government spending on goods and services makes up approximately
A. One-fifth of total output.
B. One-tenth of total output.
C. One-half of total output.
D. One-third of total output.
Answer: A
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Variable factors of production are the inputs that a manager:
A. may adjust in order to alter sales. B. cannot adjust in the short run. C. cannot adjust in the long run. D. may adjust in order to alter production.
In an agency relationship, the costs incurred by agents to ensure that a principal is compensated if they take any action that is detrimental to the principal are known as
A. recurring losses. B. bonding costs. C. monitoring costs. D. residual losses.
A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 3rd movie?
A. $4 B. $2 C. $1 D. $8
We can roughly estimate how long it will take a country to double its real GDP per capita using the:
A. rule of 60. B. rule of 70. C. GDP deflator. D. growth estimator.