Which of the following is a shortcoming of GDP?
A. GDP measures used goods and services.
B. GDP includes changes in inventories.
C. GDP includes the value of net exports.
D. GDP does not make an allowance for leisure time.
Answer: D
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What kind of relationship appears to actually exist, if one examines the actual data regarding the inflation rate and the unemployment rate for all years since 1953?
A) a direct relationship B) a one-to-one relationship C) an inverse relationship D) no relationship in the long run
Refer to the above table. If the price of the good produced is $10 and the wage rate is $500, then the marginal revenue product of the 5th worker is
A) $10. B) $50. C) $750. D) $4,750.
In order to maximize profits, a monopolist should produce where the average revenue is equal to marginal cost
a. True b. False Indicate whether the statement is true or false
In general, a firm sends a signal to consumers that their product is high quality when
A. it spends very little in advertising campaigns. B. it has low level fixed costs. C. it has high level of fixed costs. D. it gives huge discounts to large sellers.