Which of the following is included in GDP computation according to the income method?
a. Consumption
b. Profits
c. Investment
d. Government spending
e. Imports
b
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Factors of production are the
A) goods and services produced by the economy. B) productive resources used to produce goods and services. C) goods that are bought by individuals and used to provide personal enjoyment. D) goods that are bought by businesses to produce productive resources. E) productive resources used by government to increase the productivity of consumption.
Which good would you expect to have a greater price elasticity: a gallon of gasoline sold at a specific gasoline station on Main Street in Phoenix, a gallon of gasoline sold in Phoenix, or a gallon of gasoline sold in Arizona? Why?
What will be an ideal response?
Which of the following is not common to perfect competition and monopolistic competition?
a. Free entry b. Many sellers c. Elimination of long run economic profits d. Product differentiation
The costs to firms of changing prices are called
A) redistribution costs. B) menu costs. C) anticipation costs. D) money illusion costs.