Agriculture is a sector of the economy where increased productivity has been accompanied by a significant decrease in employment.
Answer the following statement true (T) or false (F)
True
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The bowed-outward shape of a PPF
A) is due to capital accumulation. B) reflects the unequal application of technology in production. C) illustrates the fact that no opportunity cost is incurred for increasing the production of the good measured on the horizontal axis but it is incurred to increase production of the good measured along the vertical axis. D) is due to the existence of increasing opportunity cost.
When products that create positive externalities are produced, at the market equilibrium output, the social benefit generated by consuming the product exceeds the private benefit
Indicate whether the statement is true or false
In the above figure, at output levels between 5 units and 13 units
A) the firm's accounting profits are negative. B) total revenue equals total costs. C) the firm's economic profits are positive. D) the firm is breaking even.
In 1990, U.S. nominal GDP was $5,744 billion and the GDP chain price index is 93.6 . Real GDP is:
a. $6,137 billion. b. $5,376 billion. c. $6,000 billion. d. $6,376 billion.