Net domestic product is the total value of
A) all final goods and services produced within a country's borders in a year.
B) only intermediate goods produced within a country's borders in a year.
C) all final goods and services produced within a country's borders in a year minus gross private domestic investment.
D) only intermediate goods produced within a country's borders in a year plus gross private domestic investment.
E) all final goods and services produced within a country's borders in a year minus capital consumption allowance.
E
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A price floor in a competitive market will result in persistent shortages of a product.
Answer the following statement true (T) or false (F)
For a risk-averse individual, marginal utility of income does not diminish.
Answer the following statement true (T) or false (F)
If a person is earning $80,000 per year as a dentist and could earn at most $45,000 per year doing something else, his transfer earnings are ____, whereas his economic rent is ____
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