Which of the following goods and services are omitted from GDP?
A) household production
B) expenditure on resources used to protect the environment
C) services such as hair styling
D) government weather satellites
E) capital goods
A
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A machinery used in a factory is a(n) ________ good
A) club B) capital C) inferior D) public
The consumption of goods and services has both a money price and a time price
a. True b. False
For a construction company that builds houses, which of the following costs would be a fixed cost?
a. the $20 per hour wage paid to a construction foreman b. the $30,000 per year salary paid to the company's bookkeeper c. the $2 per worker-hour paid to the state government for workers' compensation insurance d. All of the above are correct.
The marginal revenue that would be derived from producing a fifth unit of output is
A. $9.
B. $11.
C. $13.
D. $15.