In making accurate comparisons of GDP across countries, it is important to take differences in ________ into account
A) population size B) family size
C) the average age of the population D) all of the above
A
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Growers expect that the price of a bushel of wheat will increase in one month. This belief results in
A) an increase in current supply of wheat. B) a decrease in current supply of wheat. C) a decrease in future supply of wheat. D) no change in current or future supply of wheat.
If workers and firms know that the Federal Reserve is following an expansionary monetary policy, workers and firms will expect inflation to ________ and will adjust wages so that the real wage ________
A) decrease; decreases B) increase; remains unchanged C) increase; increases D) increase; decreases
A pharmaceutical company faces a price regulation where it cannot charge any higher than $5,000 for a lifesaving drug. The company knows that the patients put a high value on this product and are willing to pay up to $10,000 for it. The company will likely
a. Not do anything-it is prohibited by law to increase its price b. Bundle the drug with periodic blood testing, selling the bundle for $10,000 c. Require that the patients have the drug administered by the company's medical staff, for an additional $5,000 d. Both B&C
?Which of the following would not appear on a firm's accounting statement?
a. ?Fixed costs b. ?Insurance costs c. ?Explicit costs d. ?Sunk costs e. ?Implicit costs