An increase in household production will increase gross domestic product (GDP)
a. True
b. False
Indicate whether the statement is true or false
False
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What lesson for Chinese economic reform?
a. Economic liberty comes before market institutions b. Authoritarian regimes are good at initiating reforms c. Deng placed economic reforms before political reforms d. China has the one child-family policy. e. All of the above
Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. The equilibrium quantity is:
A. 80. B. 120. C. 115. D. 100.
More economic growth is not necessarily better unless the benefits of growth:
A. exceed the costs of growth. B. increase average labor productivity. C. increase human capital. D. increase real GDP per capita.
Which of the following definitions is correct?
A. Economic profit - Accounting profit = Explicit costs. B. Economic profit - Implicit costs = Accounting profits. C. Economic profit = Accounting profit - Implicit costs. D. Accounting profit + Economic profit = Normal profit.