"Final goods and services" are those that are
A. double counted in the calculation of GDP.
B. used in the production of other goods and services.
C. produced outside of the United States.
D. sold to the ultimate or final purchasers.
Answer: D
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Figure 7-13
Figure 7-13 shows the average total cost curves of four firms that produce milk. Some of the dairies are more productive. AR = P is the long-run price of milk. How many of these dairies will remain in the industry in the long run?
a.
all of them
b.
only 2
c.
only 3
d.
cannot determine with information given
There exists asymmetric information in a market:
A. if both sides of the market have the same information about the good. B. only if buyers have better information about the good than sellers. C. only if sellers have better information about the good than buyers. D. if either buyers or sellers have better information than the other group.
If the price of nacho chips increases from $2.00 per bag to $3.00 per bag and the quantity demanded goes down from 100 million bags per week to 50 million bags per week, the absolute value of price elasticity of demand in that price range is
A. 1.67. B. 0.93. C. 0.50. D. 2.33.
The idea of efficiency is used to address which of the following questions?
A. Why isn't everyone already doing it? B. How will others respond? C. What are the trade-offs? D. What are the wants and constraints of those involved?