Intermediate products:
a. produced domestically are not directly reflected in a nation's GDP.
b. produced domestically are reflected directly in a nation's GDP.
c. are imported retail products
d. are goods that are purchased by the ultimate user.
a
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If competing price searchers adjust their own prices on the basis of a close monitoring of their rival's prices,
A) all prices will tend to be the same, which proves prices are not competitive. B) all prices will tend to be the same, which proves sellers are not competing on price. C) each price searcher's demand curve will be indeterminate. D) prices will fluctuate regularly. E) prices will rise when costs increase but will not fall when costs decrease.
Refer to Table 2-4. What is George's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed C) two-thirds of a garden cultivated D) one and a half lawns mowed
The Erie Canal, the most important canal (in terms of the number and dollar value of shipments), was in
a. Georgia. b. New York. c. Pennsylvania. d. Maryland.
If the marginal benefit were greater than the cost of a good:
A. consumers could increase their utility by buying more. B. consumers could increase their utility by buying less. C. producers should decrease production. D. social net benefit would be maximized.