Refer to Figure 8.1. The profit-maximizing output is
A) 30.
B) 54.
C) 60.
D) 67.
E) 79.
D
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At a long-run macroeconomic equilibrium, real GDP is always equal to potential GDP
Indicate whether the statement is true or false
Economies of scale are created by greater efficiency of capital and by:
a. longer chains of command in management. b. better wages for labor. c. smaller plant sizes. d. increased specialization of labor.
Which of the following is not a reason why firms merge?
a. to exercise greater market control b. to increase control over suppliers c. to expand their asset holdings d. to diversify their asset holdings e. to multiply the brands they offer
Which of the following activities is not counted in our calculations of GDP?
a. the purchase of a hammer for household repairs b. the labor services of a volunteer group building a home for a poor widow c. the purchase of new, domestically-produced tires for your old foreign car d. a haircut received and paid for at a beauty salon