Whirlpool Corporation buys steel in sheets to manufacture refrigerators. Whirlpool also buys a new factory and a metal press to mold the steel. Which purchases are included in GDP?
A. The steel
B. The steel, the factory, and the metal press
C. The factory and the metal press
D. The steel and the metal press
Answer: C
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The law of diminishing marginal returns shows the relationship between
A. accounting and economic profits." B. inputs and outputs for a firm in the long run. C. inputs and outputs for a firm in the short run. D. short run inputs and long run outputs for a firm
Which of the following is an example of specialization?
A) The output of workers in a chocolate factory doubled when a new manager was appointed. B) The cost of production of a light bulb making factory decreased as its capacity increased. C) Instead of a worker making an entire shoe, the total productivity increased when different workers were allotted different jobs in the production process. D) Import of better technology and machinery from developed countries greatly increased the number of laser printers that a company was manufacturing.
A competitive equilibrium is a state of affairs in which
A) markets clear, and output is maximized. B) output is maximized, and all agents are equally well-off. C) all agents are equally well-off and agents are price-takers. D) economic agents are price takers and markets clear.
To display account numbers in the chart of accounts choose:
a. Edit > Options b. Edit > Preferences c. Company > Financial d. Company > Accounts