Since the debt is measured in dollars, the presence of inflation serves to understate the true level of indebtedness
a. True
b. False
Indicate whether the statement is true or false
False
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Which one of the following events will reduce GDP?
a. Mrs. Lee hires a housekeeper. b. You buy the ingredients to bake a loaf of bread, but you burn the bread and throw it away. c. You decide to work five more hours per week at your bookkeeper job, even though you need more time to study. d. An automobile manufacturer lays off 200 workers as the result of a fire in the paint shop.
In reference to industrial policy, networks of interdependent firms, universities, and businesses that focus on production of a specific type of good are called:
A. vertical industries. B. integrated industries. C. bundles. D. clusters.
Which of the following statements is true about price ceilings?
A. Price ceilings cause goods to be rationed. B. Price ceilings cause goods to be rationed by some other means than legally determined market prices. C. Ration coupons are the only way to ration goods when price ceilings are in place. D. All of the other statements are correct.
Wayne's Jacket Shop sells Wayne's jackets for $20 each. Wayne finds that his total revenues change according to the number of workers he hires, as shown in the table below.WorkersTotal Revenue1$1,00021,40032,00041,6005800What is the marginal revenue product of the third worker?
A. $667 B. $6,000 C. $400 D. $600