Refer to Table 16.2. Nominal GDP for Fredonia for 2015 equals
A) $2,750.
B) $3,500.
C) $4,325.
D) $5,500.
A
You might also like to view...
When long-run average costs increase as output increases, there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.
Smooth Concrete is a local firm specializing in concrete driveways. Considering that concrete is very heavy, Smooth Concrete is more likely to ________ its own concrete to ________ transportation costs.
A) make; reduce B) buy; reduce C) buy; increase D) make; increase
An increase in labor productivity will shift
A) MRP curve to the left. B) MFC curve to the right. C) MRP curve to the right. D) MFC curve to the left.
In order to survive, cartels must be able to enforce contracts. However, when a cartel is trading in an illegal commodity:
a. it can use the judicial system to enforce contracts. b. it relies on altruism of members to enforce contracts. c. it is inherently stable because the market is underground. d. violence becomes a means of contract enforcement. e. authorities are effective in preventing the trade.