Given the following data, calculate the GDP.wages = $500government spending = $2,500private investment = $2,100rent = $100consumer spending = $7,800net exports = $300
A. GDP = $13,000
B. GDP = $12,700
C. GDP = $11,300
D. GDP = $12,000
Answer: B
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In the long run, a perfectly competitive firm will
A) be able to make an economic profit. B) produce but incur an economic loss. C) make zero economic profit. D) not produce and will incur an economic loss equal to its total fixed cost. E) not produce but not incur an economic loss.
If the price of a good rises by 10% and the percentage decrease in the total amount consumers spend on the good is 5%, then the good is
A. inelastic. B. elastic. C. unit elastic. D. perfectly inelastic.
Left to themselves, most markets will eventually reach market equilibrium.
Answer the following statement true (T) or false (F)
Which of the following is not potentially a barrier to entry into a product market?
a. patent protection on the design of the product b. the absence of economies of scale in the product market c. government licensing of the product's producers d. the control of a crucial input necessary to produce the product