To calculate GDP it is necessary to
A) add the total amounts of all the goods produced.
B) use production cost to place a dollar value on all goods produced.
C) average the cost of producing a good with the price of the good to place a dollar value on all goods produced.
D) use the market price to place a dollar value on each good produced.
E) use the average market price over the last five years to place a dollar value on all goods produced.
D
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In the Malthusian model, an improvement in the technology of growing food is likely to
A) increase the equilibrium size of the population and increase the equilibrium level of consumption per worker. B) increase the equilibrium size of the population and decrease the equilibrium level of consumption per worker. C) increase the equilibrium size of the population and have no effect on the equilibrium level of consumption per worker. D) have no effect on the equilibrium size of the population and increase the equilibrium level of consumption per worker.
Suppose a fishing boat reaches its most productive use of each person's talent with 15 crew members. More than 15 workers would cause overcrowding. If there are only 10 crew members currently on the boat, adding one more crew member will
a. require the owner to add another boat b. increase the level of labor productivity c. have no effect on labor productivity d. reduce the need for other variable inputs such as fuel e. reduce the total variable cost of operating the fishing boat
The elasticity of a straight-line demand curve is the same as its slope
a. True b. False Indicate whether the statement is true or false
For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100th meal is:
A. $0.25. B. $0. C. $6. D. $4.