Refer to the scenario above. Which of the following will happen if she sells it for $200, and the total cost incurred by her in making the dress was $150?
A) GDP will increase by $50. B) GDP will increase by $180.
C) Trade surplus will increase by $200. D) GDP will remain unchanged.
Sarah takes care of her son instead of sending him to a day care which charges $12,000 annually.
A
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How does an increase in real GDP affect the demand for money curve?
What will be an ideal response?
If a country produces only two goods, it is possible to have an absolute advantage in the production of both goods
Indicate whether the statement is true or false
Surplus is:
A. a measure of the value that buyers and sellers get from participating in a market B. maximized for individuals whose reservation price equals the market price. C. negative for those who do not participate in a market. D. All of these are true.
The Malthusian population theory
A. was eventually dismissed for its pessimism and failure to take into account technological advances in agriculture and food production. B. failed because contrary to Malthus' argument, agricultural production is not subject to diminishing returns. C. was not borne out in low-income countries because "population checks" (war, famine, etc.) kept population growth down while real GDP growth increased. D. states that the root cause of underdevelopment is unchecked population growth.