Net domestic product (NDP) is determined by
A. Subtracting depreciation from GDP.
B. Adding appreciation to GDP.
C. Adding consumption, investment, government expenditures, and net exports.
D. Subtracting consumption from GDP.
Answer: A
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For a single-price monopolist, price is ________ marginal revenue
A) less than B) greater than C) equal to D) less than or equal to but never more than
A company which charges a lower price than may be indicated by economic analysis to gain a foothold in the market is practicing
A) price skimming. B) psychological pricing. C) penetration pricing. D) prestige pricing.
Demand for a good will always rise when:
a. the price of a complementary good falls. b. the price of a substitute good falls. c. tastes change. d. incomes decrease. e. the price of the good falls.
What accounts for specialization?
a. People specialize in the activity in which their opportunity costs are at a maximum. b. People specialize in the activity in which their opportunity costs are lowest. c. People do not specialize in any activity. d. People specialize in the activity that pays the highest wage. e. People specialize in the activity that they enjoy the most, no matter what the salary is.