When economists use market values to aggregate output, they sum the:
A. price times the quantity of each item produced.
B. inputs of each item produced.
C. number of items produced.
D. quantity of items produced.
Answer: A
You might also like to view...
Which one of the following is a key to economic development?
A) an educated population B) the removal of property rights C) the preservation of established means of production D) a high level of protection against imported products
The highest unemployment rate in U.S. history was about
A) 10.2 percent in 2009. B) 5.9 percent in 1972. C) 10 percent in 1982. D) 25 percent in 1933. E) 52 percent in 1939.
If the average-total-cost of producing five units is $10, and the marginal-cost of producing the fifth unit is $10, then the average-total-cost curve is at its minimum at five units
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle is on budget constraint AC. If the price of a beer is $5, Mr. Lingle's monthly income is
A. $40. B. $80. C. $100. D. $200.