If, in 2016, an economy's total production was 50 bushels of soybeans at $20 each and 40 gallons of honey at $15 per gallon, its gross domestic product would be
A. $400.
B. $600.
C. $1,000.
D. $1,600.
Answer: D
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As a general rule, free trade:
A. acts to equalize the supply of and demand for factors of production across countries. B. increases the supply of factors that are domestically scarce. C. causes factor prices to converge across countries. D. All of these are true.
In a monopolistic competitive industry, firms can try to differentiate their products by
A. creating optimal perceptions of the product. B. choosing optimal locations from which the product is sold. C. enhancing the intangible aspects of the product. D. all of the above
Which of the following statements is true of members of an organization?
a. They are either principals or subordinates. b. Agents are closely monitored by principals at all times. c. Each member generates information for the use of others in the organization. d. Decision-makers decide on the basis of the information they generate themselves.
The economic theory of labor markets suggests that wages are determined by labor supply and labor demand
a. True b. False Indicate whether the statement is true or false