Gross domestic product is the:
a. total market value of the final goods and services produced by an economy during a specific period of time.
b. total value of all the goods and services produced in an economy plus the value of the goods and services imported minus the value of the goods and services exported.
c. total market value of all final goods and services produced by the factors of production of an economy during a given time period minus depreciation.
d. total quantity of all goods and services produced in an economy during a specific period of time.
a
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If the marginal product of capital is smaller than the interest rate, then
a. investment in capital will fall. b. people are earning negative rents from capital. c. the supply of current consumption will decline. d. borrowing will increase.
Table 7.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. Should the firm adopt the single price policy or the student discount policy?
A. The single price policy because the firm does not meet the three conditions necessary to engage in price discrimination. B. The single price policy because price discrimination would not be legal for this firm. C. The single price policy because it is more profitable than price discrimination for this firm. D. The student discount policy because it is more profitable than the single price policy.
What is the law of diminishing returns? Give an example of what the law of diminishing returns implies
What will be an ideal response?
If a country were to experience an increase in its factors of production, its production possibilities frontier would shift outward
Indicate whether the statement is true or false