Which of the following would be counted in 2016's GDP?
A. the bonus check a stockbroker gets from his/her company in 2016
B. the value of a TV that was produced in 2015 but not sold until 2016
C. the value of a bond sold by the federal government
D. the value of a loan you take in 2016
Answer: A
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Refer to the above table. What does total product equal when 4 units of labor are used?
A) 1328 B) 332 C) 320 D) 960.
In the long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. price. b. minimum short-run average total cost. c. short-run marginal cost. d. All of these.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Both Diana and Sarah like jazz music and music by the Beatles. Diana likes music by the Beatles much better than jazz music, whereas Sarah prefers jazz music to music by the Beatles. If we were to graph an indifference curve with CDs by the Beatles on the horizontal axis and jazz CDs on the vertical axis, then
a. Diana and Sarah would have identical indifference curves. b. Diana's indifference curve would be steeper than Sarah's indifference curve. c. Sarah's indifference curve would be steeper than Diana's indifference curve. d. We do not have enough information to compare their indifference curves.