Additions to inventory subtract from GDP, and when the goods in inventory are sold, the reductions in inventory add to GDP
a. True
b. False
Indicate whether the statement is true or false
False
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Sam quits his job as an airline pilot and opens his own pilot training school. He was earning $40,000 as a pilot. He withdraws $10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hanger and could rent it out for $5,000 per year. He rents a computer for $1,200, buys office supplies for $500, rents an airplane for
$6,000 . pays $1,300 for fuel and maintenance, and hires one worker for $30,000 . Sam's total revenue from pilot training classes equaled $90,400 . Sam's implicit costs for this year are equal to: a. $84,400. b. $39,000. c. $55,000. d. $45,600. e. $40,000.
If two goods are strong substitutes, cross elasticity is
a. negative b. positive c. between zero and one d. zero e. one
It is generally more profitable for a firm to pay workers more than the going wage rate:
A. in areas in which turnover is not very costly. B. in sectors where skills are scarce. C. in industries in which worker motivation doesn't really matter. D. All of these are true.
An equilibrium in both the nation's money market and product market is referred to as a ________ equilibrium
Fill in the blank(s) with correct word