The difference between the value of what a firm sells and its cost of producing it is referred to as
a. gross private investment
b. value added
c. net exports
d. value of product
e. expenditure approach
B
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As a firm hires more and more workers:
A) the value of marginal product of the additional workers eventually increases. B) the marginal product of the additional workers remains the same. C) the value of marginal product of the additional workers remains the same. D) the value of marginal product of the additional workers eventually decreases.
While the classicists believed that both velocity and output are stable, Keynesians believe:
a. velocity is stable and output is variable. b. velocity and output are both variable. c. output is stable and velocity is variable d. the same as the classical economists that both output and velocity are stable e. at low levels of income both velocity and output are stable, but at high levels of income velocity becomes variable.
Economic growth in less-developed countries comes at the cost of
a. higher taxes b. lower current consumption c. lower taxes d. lower government spending e. lower future consumption
Because resources tend to be specialized, increased production of military goods tends to
a. decrease the opportunity cost of more military goods. b. increase the opportunity cost of more non-military goods. c. increase the opportunity cost of more military goods. d. change the position of the production possibilities curve. e. alter the slope of the production possibilities curve.