Gross domestic product measures the value of all final goods and services produced within a country by
a. domestic resources only.
b. foreign resources only.
c. both domestic and foreign resources.
d. domestic resources minus production by foreign resources.
c. both domestic and foreign resources.
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Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the value added of Friendly Groceries?
A. $4.00 B. $2.50 C. $1.50 D. $3.50
If gold becomes acceptable as a medium of exchange, the demand for gold will ________ and the demand for bonds will ________, everything else held constant
A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease
In the short run if TR < TC, a perfectly competitive firm will always shut down.
Answer the following statement true (T) or false (F)
A consumer likes two goods: hamburgers and watermelons. The five bundles shown in the table below lie on the same indifference curve for the consumer. Bundle Hamburgers Watermelons A 10 3 B 5 3 C 3 3 D 3 5 E 3 10
Which of the following statements regarding these bundles is correct? a. The goods are perfect substitutes for this consumer. b. The goods are perfect complements for this consumer. c. The bundles violate the property that indifference curves do not cross. d. Both b) and c) are correct.