To calculate GDP it is necessary to add up the market value of all the ________ produced within a country during a year
A) intermediate goods and services produced and all the final goods and services produced
B) intermediate goods and services produced
C) goods but not services produced
D) final goods and services produced
E) goods and services produced
D
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If the United States imposes a tariff on foreign chocolate, how are foreign producers of chocolate affected?
A) Their supply is unaffected because the quota must be met by U.S. producers. B) They export less to the United States. C) Their supply increases because they have to pay the tariff. D) The tariff has no effect on foreign producers because U.S. consumers must pay the higher price. E) They earn more profit because their chocolate sells for a higher price.
Retailers and other middlemen provide benefits to patrons
A) because people don't realize how much they could save by cutting out middlemen. B) but the middlemen benefit far more. C) by lowering the cost to their customers of acquiring valuable information. D) only because their customers are irrational.
Fresh Taste, Inc produces organic breakfast cereals. The market for breakfast cereals is monopolistically competitive
The figure above shows the demand curve that Fresh Taste faces (D), the company's marginal revenue curve (MR), its marginal cost curve (MC), and its average total cost curve (ATC). If Fresh Taste and other firms in the market are currently producing their profit maximizing quantities of cereals, then the market is A) in both short-run equilibrium and long-run equilibrium. B) in short-run equilibrium but not in long-run equilibrium. C) in long-run equilibrium but not in short-run equilibrium. D) neither in short-run equilibrium nor in long-run equilibrium.
Adverse selection in insurance requires that
a. potential customers face different levels of risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are not risk averse d. insurers can tell higher risk people from lower risk people