Depreciation is subtracted from GNP to determine:
A. net income.
B. net national product (NNP).
C. net GDP.
D. net imbalance on exports.
Answer: B
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The "lemons problem" exists because of
A) transactions costs. B) economies of scale. C) rational expectations. D) asymmetric information.
Which region's agricultural system developed very differently from that of the rest of the nation?
A. the West B. the Midwest C. New England D. the South
Use the following general linear supply function:Qs = 40 + 6P - 8PI + 10F where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good. Now suppose PI = $40 and F = 50, what is the largest amount of the good that firms will supply when the price of the good is $20?
A. 340 units B. 220 units C. 80 units D. 120 units
If economic activity increases, it follows that economic welfare:
A. may increase, decrease, or remain unchanged depending on the nature of the increase in economic activity. B. increases as more goods and services become available. C. does not change since it does not depend on the level of economic activity. D. decreases as more resources are depleted.