Which of the following is not a category of state and local government outlays?
A) purchases of goods and services
B) grants in aid
C) transfer payments
D) interest payments
B
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A monopolist can perfectly price discriminate:
A. when it can distinguish consumers with a high versus low willingness to pay. B. when it offers a menu of alternatives, designed so that different customers will make different choices based on their willingness to pay. C. if it knows perfectly the customer's willingness to pay for each unit its sells and can charge a different price for each unit. D. whenever it chooses to as a result of its market power.
When labor usage is at 12 units, output is 36 units. From this we may infer that
A) the marginal product of labor is 3. B) the total product of labor is 1/3. C) the average product of labor is 3. D) none of the above
Which of the following items is included in U.S. GDP?
a. the estimated value of production accomplished at home, such as backyard production of fruits and vegetables b. the value of illegally-produced goods and services c. the value of cars and trucks produced in foreign countries and sold in the U.S. d. None of the above is included in U.S. GDP.
The market system corrects a shortage by:
a. Raising product price to decrease production b. Lowering product price to increase production c. Raising product price to increase production d. Lowering product price to decrease production