GDP measures
A. the annual value of final goods and services produced by factors of production located within a national border.
B. the value of all goods and services sold in a given country.
C. the annual total value of all services produced by factors of production located within a national border.
D. the annual value of goods and services produced by factors of production owned by companies headquartered in a given country.
Answer: A
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The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market
a. True b. False Indicate whether the statement is true or false
The marginal cost curve of a firm measures
A) external costs. B) pollution costs. C) private costs. D) social costs.
A diagram of an individual's utility from income will be a line with a decreasing slope if the individual is risk-loving.
Answer the following statement true (T) or false (F)
The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:Q = a + bP +cM +dPRwhere Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, M is income, and PR is the price of a related product. The results of the estimation are presented below: 
Assume that the income is $10,000, the price of the related good is $40, and Conlan chooses to set the price of this product at $30. At the prices and income given above, what is the income elasticity?
A. 0.21 B. 0.31 C. -1.62 D. 1.50 E. -0.87