Suppose that a car was produced but not sold in 2013. The car could still be sold in 2014. According to the book, the car would be counted as part of:
A. 2013 GDP as investment.
B. 2014 GDP, as consumption.
C. 2014 GDP as investment.
D. neither 2013 or 2014 GDP.
Ans: A. 2013 GDP as investment.
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"If production of a good creates an external cost, then, when production is such that the marginal private costs are equal to the marginal private benefits, the market outcome will be inefficient
" Explain whether this assertion is correct or incorrect.
In the above figure, which curve is an indifference curve for someone who views frozen pizzas and milk as perfect complements?
A) indifference curve F B) indifference curve G C) indifference curve H D) indifference curve I
The marginal product of labor is the
a. marginal revenue product minus the wage paid to the worker. b. total amount of output divided by the total units of labor. c. increase in the amount of output from an additional unit of labor. d. None of the above is correct.
Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (6) might represent:
A. the payment of payroll taxes by households.
B. corporate income tax payments.
C. the purchase of basketballs by the Ogallala school district.
D. the purchase of armored personnel vehicles by government.