In the treatment of American exports and imports, national income accountants
A. subtract exports, but add imports, in calculating GDP.
B. subtract both exports and imports in calculating GDP.
C. add both exports and imports in calculating GDP.
D. add exports, but subtract imports, in calculating GDP.
D. add exports, but subtract imports, in calculating GDP.
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Exhibit 8-7 Monopolist
?
According to the information provided in Exhibit 8-7, if the Rudd Ice Company is a monopoly and is currently charging a price of $6, what would you advise Rudd to do?
A. Stay where he is currently operating because he is charging the profit maximizing price. B. Increase price and decrease output. C. Decrease price and increase output. D. Increase output and hold price constant.
Refer to the diagrams. The profit-maximizing firm's total revenue:
A. is 0abc.
B. is 0Wbc.
C. is Wab.
D. cannot be determined.
Law of Supply
What will be an ideal response?
While studying with your friend, your friend states, "Our leisure time increases GDP but lowers our economic welfare because it reduces the amount of goods and services we can consume." Is your friend's statement CORRECT?
What will be an ideal response?