When computing gross domestic product, government services are valued at the
a. price consumers pay for them.
b. value of the resources used to produce them.
c. value of comparable outputs from the private sector.
d. value of taxes collected from consumers.
b
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Real income can be measured by
A) the slope of the budget line. B) the area under the budget line. C) the length of the budget line. D) an intercept of the budget line.
Suppose that Danita owns a cupcake bakery. In the short run, at least one of her inputs is fixed. Provide one or two examples of the types of inputs that could be fixed in the short run
In its simplest form, Say’s law states that ______.
a. supply creates its own demand b. prolonged unemployment is possible c. full employment means zero unemployment d. wages and other prices are inflexible
The demand curve for a monopolist is
A. the industry demand curve. B. the same as the demand curve for a perfectly competitive firm. C. a unitary elastic demand curve. D. a perfectly inelastic demand curve.