The expenditure approach to GDP accounting includes:
a. consumption
b. investment.
c. net exports.
d. all of the above.
d
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Tariffs ________ consumer surplus and import quotas ________ consumer surplus
A) decrease; decrease B) increase; increase C) decrease; increase D) increase; decrease
Which of the following activities would occur in a resource market?
a. Reesa buys a new computer to help balance her personal checkbook. b. Randy pays a speeding ticket. c. Ian mows his grass. d. Pam buys a ticket to the ball game. e. General Motors hires additional workers to run a third shift at its Flint, Michigan, factory.
The 1993 recipient of the Nobel Prize in Economics, Douglass North is best known for his contributions in which area of economics?
What will be an ideal response?
If the marginal cost were $12, how many units of output would this firm produce?
A. 1
B. 2
C. 3
D. 4