Which approach to calculating GDP best highlights the relative importance of different factors of production?
A. The income approach
B. The expenditure approach
C. The value-added approach
D. Any of these measurements would work equally well for that comparison.
Answer: A
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There are two can companies, American and National, which have entered into a collusive agreement. The payoff matrix of economic profits is above
If National is able to cheat on the agreement but American complies with the agreement, what amount of economic profit is made by National? A) $2,000 B) $3,000 C) $4,000 D) $6,000
More bidders would tend to increase the selling price at an oral auction if
a. bidders bid less aggressively b. the true value of the winner is higher c. the true values of the losers is higher d. Both A&C
Developing infrastructure and ensuring that property rights will be protected can help a poor country grow more quickly according to de Soto's book The Other Path.
Answer the following statement true (T) or false (F)
Which of the following is most likely to lead to a decrease of 10% in the nominal demand for money?
A. An increase in real income of 5% B. An increase of 10% in the price level C. A decrease in real income of 5% D. A decline of 10% in the price level