A firm's cost of production is determined by all of the following except
A) the technology used to produce its output.
B) the productivity of its workers.
C) the cost of raw material used in production.
D) the amount of corporate taxes it must pay on its profit.
Answer: D
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National defense services provided by the military are:
A. excluded from GDP because they are intermediate goods. B. included in GDP at cost. C. excluded from GDP because they are not sold in markets. D. included in GDP at market prices.
In the U.S. in 2012 the poverty level for a family of four was about
A) $23,000. B) $34,000. C) $10,000. D) $15,000.
Refer to the data. Real GDP for year 5 is:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. $160.
B. $49.
C. $40.
D. $64.
In a competitive market, a binding price ceiling causes _______ by ________.
A) market efficiency; increasing the economic surplus of the last unit of output produced and consumed B) market inefficiency; creating a deadweight loss in economic surplus C) market efficiency; increasing the amount produced and consumed D) market inefficiency; increasing the amount produced and consumed