When referring to GDP, which is not a common alternative designation economists use?
A. Net National Income
B. Total Output
C. National Income
D. Aggregate Expenditure
A. Net National Income
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Suppose that in Colombia one unit of labor can produce either 8 tons of papayas or 2 tons of bananas and in Brazil one unit of labor can produce either 4 tons of papayas or 1 ton of bananas. Given this information, which of the following statements is true?
A. Columbia has a comparative advantage in producing papayas but not bananas. B. These countries would increase combined consumption if they specialized and traded. C. These countries cannot gain from trading. D. Columbia has a comparative advantage in producing papayas and bananas.
How many units should Harvey's Housewares produce?
a. 1 unit b. 2 units c. 3 units d. Zero units, at these prices, the production should not start
Because the price level shares a negative relationship with aggregate expenditures on GDP, the aggregate demand curve is:
A. downward sloping. B. upward sloping. C. perfectly elastic. D. perfectly inelastic.
If a firm is producing where MR > MC
A. the firm is already maximizing profits because revenue is being increased by more than costs. B. the revenue gained by producing one more unit of output equals the cost incurred by doing so. C. the revenue gained by producing one more unit of output is less than the cost incurred by doing so. D. the revenue gained by producing one more unit of output exceeds the cost incurred by doing so.