The market value of final goods and services produced within a country during a period of time is called:
A. government documented production.
B. guaranteed direct prices.
C. gross domestic product.
D. general domestic productivity.
Answer: C
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Total product is maximized where
A) average product is maximized. B) marginal product is maximized. C) average product is equal to 0. D) marginal product is equal to 0.
A proprietorship is a business
A) with annual sales below $100,000. B) in which the stock of the company is closely held by members of one family. C) which produces a service rather than goods. D) owned by one individual who is responsible legally for the debts of the firm.
Investment in both physical and human capital tends to enhance economic growth because it generally
a. increases consumption during the current period. b. makes it possible for individuals to produce more goods and services per hour worked. c. encourages firms to expand output by employing more low productivity workers. d. encourages workers to unionize and thereby fight for higher wages.
Suppose that flu shots create a positive externality equal to $8 per shot. Further suppose that the government offers a $11-per-shot subsidy to producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of flu shots produced?
a. They are equal. b. The equilibrium quantity is greater than the socially optimal quantity. c. The equilibrium quantity is less than the socially optimal quantity. d. There is not enough information to answer the question.