The expenditure method of calculation of GDP is as follows: GDP = Consumption + Investment + Government Spending + Net Exports
a. True
b. False
Indicate whether the statement is true or false
True
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Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right. At the extreme right end, all 100 voters lie to the left. 
Suppose Candidate X is running against Candidate Y. If Candidate Z enters the race:
A. all of the voters who were going to vote for Y will now vote for Z. B. X will win because Y and Z will be competing for the same voters. C. approximately half of the voters who were going to vote for X will now vote for Z. D. most of the voters who were going to vote for Y will now vote for Z.
If the competitive firm maximizes profit by selecting labor rather than output, it will earn greater economic profit
Indicate whether the statement is true or false
Were it not for the law of diminishing marginal returns, we could grow the world's food supply from a flowerpot
Indicate whether the statement is true or false
Which of the following is an industry without significant barriers to entry?
a. Electricity generation b. Natural gas distribution c. Cable television provision d. Corn farming e. Postal services