If goods are produced domestically but sold overseas
A. they are considered intermediate inputs and therefore not counted.
B. they are still counted in our GDP.
C. they are counted in our GDP and in the GDP of the country in which they were sold.
D. they are not counted in our GDP.
Answer: B
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A graph shows the average wage of various demographic groups in 2012. The kind of graph used to show these data would be a
A) scatter diagram. B) time-series graph. C) cross-section graph. D) Venn diagram. E) fixed-year figure.
Which of the following statements concerning efficiency is correct?
A. If a toll road is heavily used so that traffic movement is slowed, the price per vehicle should be reduced since the road is generating more revenue. B. Economists advocate high prices for abundant resources and low prices for scarce resources. C. If a toll road is heavily used and traffic movement is difficult, the price per vehicle should be increased to shift some traffic to less-crowded roads. D. All of these options are desirable in promoting efficient use of scarce road space.
Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $9. What does profit equal when quantity equals 3?
A. $13 B. $6 C. $10 D. $2
Consider the following game. You pick a card from a standard 52-card deck and each time you select an ace, you get $520. For all other cards you must pay $26. This game is not a fair bet.
Answer the following statement true (T) or false (F)