All government spending in 2000 is counted as part of 2000 GDP
Indicate whether the statement is true or false
F
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Use the following market data to answer the question below.Price per UnitQuantity Purchased by ConsumerQuantity Sold by Producer$52,0000101,800300151,600600201,400900251,2001,200301,0001,500In the market shown in the table, the marginal benefit of 1,200th unit is
A. $25. B. $10. C. $20. D. $15.
Which of the following is true of an inflationary gap? a. It results in an inflationary increase in the price level of an economy
b. It occurs when an economy's aggregate expenditures are lower than its actual output. c. It results in an increase in the stock of inventories. d. It results in a decrease in input prices.
The MRP curve for labor:
A. intersects the firm's labor demand curve from above. B. is the firm's labor demand curve. C. lies below the firm's labor demand curve. D. lies above the firm's labor demand curve.
Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K = l, r = 500). He must pay unionized donut bakers a monthly salary of $400 each
He projects his monthly production function to be Q = 5KL where Q is tons of donuts. a. With the current level of capital, what is the marginal product of labor? Is the marginal product diminishing? Explain. b. If Evren wishes to make 25 tons of donuts, how many bakers are required given the current level of capital? How much will it cost to produce this (total cost)? c. Derive Evren's short-run cost function with K=1. d. Derive the marginal cost curve from your answer to c. and show the relationship between the marginal cost and marginal product of labor.