In well-working markets, cost economies from standardization are reflected in the level of product variety.
Answer the following statement true (T) or false (F)
True
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In 2015, Janice Quinn sells a five-year-old car to Used Car, Inc. for $6,000. In the same year, Used Car, Inc. resells the car to Hilda Goner for $6,500. What is the contribution of these transactions to GDP in the year 2015?
A. $6,000 B. $12,500 C. $500 D. $0
When the quantity of labor demanded exceeds the quantity of labor supplied, the real wage rate
A) rises to eliminate the labor-market shortage. B) falls to eliminate the labor-market surplus. C) rises to eliminate the labor-market surplus. D) falls to eliminate the labor-market shortage.
How do we calculate the effects of real GDP on consumption expenditure and imports by using the marginal propensity to consume and the marginal propensity to import?
What will be an ideal response?
Every economy must answer each of the following questions except one. Which is the exception?
a. Which goods will be produced? b. Why are these particular goods produced? c. Which resources should be used? d. How should resources be combined to produce each product? e. Who will actually consume the goods produced?