Which of the following is included in GDP?
a. The imputed rental value of a family-owned home
b. The sale prices of all previously built homes
c. Social security payments to retirees
d. The salary of a U.S. scientist working in a foreign country
e. Purchases of stocks and bonds
A
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Refer to Figure 15-5. If the monopolist charges price P* for output Q*, in order to maximize profit or minimize loss in the short run, it should
A) continue to produce because price is greater than average variable cost. B) shut down because price is greater than marginal cost. C) continue to produce because a monopolist always earns a profit. D) shut down because price is less than average total cost.
A business organization that employs resources to produce goods and services for profit is
A) economic rent. B) a firm. C) inside information. D) the opportunity cost of capital.
Which of the following is true of banks? a. Banks reduce the opportunity cost of holding idle cash
b. Banks act as intermediaries between the government and private investors. c. Banks can reduce risk by lending to rich borrowers. d. Banks reduce the transaction costs of borrowing and lending money. e. Banks can reduce risks by extending more loans.
Compared to First World countries, developing countries would have _____
a. a higher life expectancy b. higher productivity rates c. lower education levels d. lower birthrates e. a higher rate of private investment