Which of the following would be omitted in the calculation of GDP?
a. a two-year old house sold on the market
b. an apple sold at a supermarket
c. a box of cereal sold at a convenient store
d. a newly-made souvenir sold at a resort
a. a two-year old house sold on the market
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In reality, the long-run supply curve for a perfectly competitive market is upward sloping because:
A. of changing costs of production that firms may face. B. experienced firms will have different information and costs than new firms. C. not all firms have identical cost structures. D. All of these are true.
At a price of $5, 24 units of the good would be sold; at a price of $7, 25 units of output would be sold. The marginal revenue of the 25th unit of output is:
A. $14. B. $55. C. $6. D. $175.
Data across more than 50 countries shows that the U.S. ratio of government expenditure to GDP is
a. much higher than the median ratio. b. slightly below the median ratio. c. one of the two highest ratios. d. one of the two lowest ratios.
Which of the following forms of taxation accounts for the largest share of taxes received by state and local governments?
A. personal and corporate income taxes B. sales, excise, and gross receipts taxes C. property taxes D. license and permit fees