Which of the following is not part of GDP?
a. the value of a new home built and purchased during the year
b. the value of shares of Microsoft stock bought and sold during the year
c. the value of long distance telephone services rendered during the year
d. the value of new furniture produced during the year
b
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A monopoly is defined as a firm that has the largest market share in an industry
Indicate whether the statement is true or false
Which of the following is least likely to increase the ratio of investment to real GDP? A reduction in ________
A) transfer payments B) subsidies to farms and corporations C) defense outlays D) spending on highways
Let the production function be q = ALaKb. The function exhibits decreasing returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
A straight-line demand curve has an elasticity that becomes smaller as we move from left to right along the schedule
a. True b. False Indicate whether the statement is true or false