The GDP does not include
a. final goods.
b. services.
c. intermediate goods.
d. taxes.
c. intermediate goods.
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A toll collected from each car traveling during rush hour on a congested road is an effective correction to the Tragedy of the Commons for all of the following reasons except the toll provides an incentive for commuters to
a. drive at times other than rush hour. b. use public transit rather than driving. c. drive more fuel-efficient cars. d. car-pool.
Combining the home money market and the uncovered interest parity relationship, we can see how changes in variables determine:
a. real GDP. b. the exchange rate. c. the price level. d. the quantity of money.
Japan’s remarkable economic growth in the 20th century was a result of _____.
Whenever the ratio of marginal products to input prices differs across inputs,
A. no change will necessarily follow because the process could still be at peak efficiency. B. a firm's costs could be reduced by shifting input usage toward the input with the lower marginal product to price ratio. C. the marginal products of inputs will adjust as input combinations change to correct for the inefficiency. D. the costs of the inputs adjust to bring the marginal product ratios and cost ratios together.