When a country's exports of goods are greater than its imports of goods in a given period, it has a
A. capital account surplus.
B. trade surplus.
C. current account deficit.
D. trade deficit.
Answer: B
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Total product is
A) the increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) maximum output that a given quantity of labor can produce. C) maximum amount of output produced by a given quantity of labor divided by the given quantity of labor employed. D) maximum amount of amount of output produced by a given quantity of labor divided by price of the output.
The federal government awards a patent holder the exclusive right to make, use, and sell an invention for a period of
A) 20 years. B) 17 years. C) unlimited period. D) 100 years.
A firm will hire a unit of input up to the point where
A) the marginal cost of the input equals the marginal cost of output. B) the marginal revenue product of the input is equal to the marginal factor cost of the input. C) the price of the input is equal to the price of output. D) the marginal physical product of the input is equal to the price of output.
Jake, Sr. sells the family business, a factory that produces snake oil, to Jake, Jr., for $100, even though the factory has been assessed at $400,000. How will this transaction affect GDP?
A. Investment will increase by $100. B. Investment will increase by $400,000. C. Consumption will increase by $400,000. D. GDP will not be affected by the transaction.