An economy produces only 500,000 tables valued at $100 each. Of these, 100,000 are sold to consumers, 200,000 are sold to businesses, 100,000 are sold to the government, and 50,000 are sold abroad. No tables are imported. At the end of the year, the table manufacturers hold the unsold tables in inventory. What is the value of GDP?
A. $40 million
B. $45 million
C. $50 million
D. $5 million
Answer: C
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Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. How many hours will be purchased and what is her total revenue?
A) 5 hours; total revenue = $35 B) 4 hours; total revenue = $28 C) 3 hours; total revenue = $21 D) 2 hours; total revenue = $14
The major cause of a 3-4% increase in unemployment over a short time period is likely to be a structural unemployment change
Indicate whether the statement is true or false
A CPA recently has come to expect higher prices for expert tax advice in the near future. We would expect
a. the CPA to supply more expert tax advice now than she was supplying previously. b. the CPA to supply less expert tax advice now than she was supplying previously. c. the demand for this CPA's expert tax advice to fall. d. no change in the CPA's current supply; instead, future supply will be affected.
The optimal number of workers to be hired by a firm operating in a competitive labor market is where:
a. P = MRP. b. MRP = w. c. P = w. d. MP = MRP.