In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry.
B) produces too much.
C) sells faulty products.
D) earns economic profit.
A
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Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so, how?
What will be an ideal response?
In order to increase its target for the federal funds rate, the Fed would normally
A) conduct open market sales. B) conduct open market purchases. C) increase the discount rate. D) increase reserve requirements.
A positive externality
a. is a benefit to the producer of the good. b. is a benefit to the consumer of the good. c. is a benefit to someone other than the producer and consumer of the good. d. results in an optimal level of output.
The one variable that stands out as the most significant explanation of large variations in living standards around the world is
a. productivity. b. population. c. preferences. d. prices.