Which of the following transactions would be included in GDP for 2015?
a. On January 5, 2015, Chris Carter sold 100 shares of stock in IBM Corporation.
b. Bonita Delgado purchases a new 2015 Chevrolet on March 10, 2015.
c. Nadav Daniel buys a used desk from the "Struggling Students Used Furniture" store on May 9, 2015.
d. Levi Lathan purchases a 75-year-old penthouse on Lake Shore Drive in Chicago, Illinois, on June 23, 2015.
b
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Who is a producer?
a. a manufacturer of goods b. a provider of financial backing c. a buyer of goods or services d. a provider of goods or services
Diminishing marginal returns occurs:
A. only in the short-run. B. both the short-run and the long-run. C. only in the long-run. D. only in time periods that are neither long-run or short-run.
Suppose there are two perfectly competitive industries with similar numbers of firms but where one industry consists of N identical firms while the second consists of N firms with differing costs. Compared to the short-run supply curve of the industry with identical firms, the short-run supply curve of the differing cost industry will tend to be
A) steeper at higher prices. B) flatter at higher prices. C) steeper at lower prices. D) flatter at lower prices.
A ________ curve shows the marginal cost of producing one more unit of a good or service
A) marginal benefit B) production possibilities C) supply D) demand