The expenditure approach to measuring GDP is done by using data on only
A) consumption expenditure.
B) consumption expenditure and investment.
C) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services.
D) consumption expenditure, investment, and government expenditures.
E) wages, rent, interest, and profit.
C
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Consider the market for grapes. An increase in the wage paid to grape pickers will cause the:
a. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed. b. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. c. supply curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed. d. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.
Which of the following would cause an increase in the supply of smartphones?
a. An increase in the price of smartphones b. A movement toward the use of laptops by people c. A reduction in the cost of producing smartphones d. An increase in the minimum wage
When oligopolistic companies engage in collusion, the companies are involved in a
A. noncooperative game. B. competitive game. C. cooperative game. D. negative-sum game.
Refer to the information provided in Table 8.6 below to answer the question(s) that follow.
Table 8.6
Refer to Table 8.6. What is the total cost of producing zero units of output?
A. $0 B. $15 C. $30 D. indeterminate from the given information