Accurate measurement of GDP is important to business decision-makers because this information will help them better determine the
a. general happiness of a country's citizens.
b. course of the economy and the direction of demand for their products.
c. economic well-being of a particular group within a country.
d. amount of leisure time available and the quality of life in a country.
B
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A plan that sets targets to cover all major aspects of the national economy is known as a/an _____ plan:
(a) interindustry (b) complete (c) comprehensive (d) economic
According to the table above, which of the following exhibit decreasing returns to scale?
A) tobacco products and clothing, but not furniture B) transportation equipment and food, but not paper products C) transportation equipment, food, and paper products D) furniture and electronic equipment, but not tobacco products
The marginal revenue curve of a monopolist coincides with its average revenue curve
a. True b. False Indicate whether the statement is true or false
Assume that a firm has measured demand carefully and thinks that the following table accurately displays this. The total cost has been measured and can be given as TC = 20 + Q + Q2, where Q is the level of output. Complete the table and determine the profit-maximizing level of output. OutputTotal RevenueTotal CostProfit1$ 90__________ 2160__________ 3210__________ 4240__________ 5250__________ 6240__________ 7210__________ 8160__________ 9 90__________ 10 0__________
What will be an ideal response?