The total physical product increases initially at an increasing rate, and then, because of the law of diminishing returns, at a decreasing rate
Indicate whether the statement is true or false
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The current account includes all of the following accounts except
A) net transfers. B) net exports. C) net financial derivatives. D) net factor payments.
Suppose the government has imposed a price ceiling on sliced sandwich bread. Which of the following events could transform the price ceiling from one that is binding to one that is not binding?
a. An increase in the price of flour, which is used to make bread. b. A decrease in the price of lunch meat. c. A decrease in the price of unsliced bread, which people consider a substitute for sliced bread. d. An decrease in the price of peanut butter and jelly.
Private benefits are those benefits that accrue:
A. without compensation to someone other than the person who caused them. B. indirectly to the decision maker of a market exchange. C. directly to the decision maker of a market exchange. D. to third parties without direct government intervention.
Assume an economy produces only footballs and baseballs and the base year is 2016. Quantities ProducedPrices?2016201720162017Hamburgers200300$20$25Hot dogs500600$10$15Given the data in the table above, what is the value of nominal GDP in 2017?
A. $10,000 B. $12,500 C. $16,500 D. $12,000