GDP includes
a. the value of goods and services such as soil erosion and deforested landscape
b. the value of all personal property
c. the cleaning-up expenses associated with pollution
d. the value of leisure time
e. the illegal activities related to the underground economy
C
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Refer to Figure 18.3. Livonia has a comparative advantage in the production of
A) pogo sticks. B) scooters. C) both scooters and pogo sticks. D) neither scooters nor pogo sticks.
Answer the following statements true (T) or false (F)
1. If one city has a higher CPI than another city, the city with the higher CPI must have a higher cost of living. 2. COLA is a form of indexation. 3. Only wages or income can be indexed to the CPI. 4. Indexation is a good means of reducing inflation. 5. The value or purchasing power of the dollar can be obtained by dividing $1 by the CPI.
In a partnership form of business
a. all, except one partner, are subject to limited liability b. the business must operate in at least two countries c. at least two different products must be produced d. the partner who owns the majority of stock makes all of the important managerial decisions e. profits are shared by the partners
The point of saturation occurs when a firm
A. has total returns equal to zero. B. maximizes its total returns. C. first encounters negative marginal product. D. first experiences positive marginal product.