Gdp:
a. is the dollar value of all the final goods and services produced within the borders of a nation.
b. includes intermediate and final goods and services.
c. minus an allowance for depreciation of fixed capital equals GNP.
d. is a less-than-perfect measure of social well-being because it does not include exports and imports.
e. all of these.
a
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In the above figure, a price of $35 per dozen would result in
A) a shortage. B) equilibrium. C) a surplus. D) upward pressure on prices.
What is the difference between the short run and the long run as economists define the two?
You overhear a businessman say: "We want to be big because there are economies associated with bigness." What he means is that
A. total fixed cost decreases as more is produced. B. total cost decreases as more is produced. C. marginal cost decreases as more is produced. D. long-run average cost decreases as more is produced.
Typically, the greater the specialization of resources
A. the poorer the country becomes. B. the greater the unemployment in the country. C. the less production that takes place. D. the greater the bow of the production possibilities curve.