Gelato ice cream maker shows the following on its balance sheet: revenue $200M, wages $100M, milk expenses $50M, strawberry purchases $5M, and taxes $25M. What is Gelato's contribution to GDP using the income approach?
A) $100M
B) $125M
C) $145M
D) $200M
B
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In the long run, which of the following conditions is true for a monopolistically competitive firm?
A. P > AC and MR = MC. B. P = MC and MR > AC. C. P = AC and MR = MC. D. P > MR and P > AC.
Disposable income is the primary factor that influences the ______ component of aggregate demand.
a. investment b. consumption c. export d. trade deficit
Answer the following statement(s) true (T) or false (F)
1. The Prisoners' Dilemma game is another situation where the Invisible Hand Theorem is true. 2. The Axelrod study shows that "Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game. 3. The Peltzman study shows consumers overall have benefited from the requirement that drug manufacturers prove the safety and effectiveness of their products. 4. Consumers will be better off when the government imposes minimum quality standards. 5. The Stigler and Friedland study shows that regulation always has significant effects on price, although those effects may be positive or negative.
Which of the following are components of the opportunity cost of being a full-time student? The cost of:
What will be an ideal response?