The production-based method of national accounting sums up:
A) the total revenue earned by all the firms in the economy.
B) the value that is added by each domestic firm in the production process.
C) the income earned by each factor of production for participating in the production process.
D) the expenditure incurred by domestic and foreign economic agents on domestic products.
Infi Cor
B
You might also like to view...
If Sam's manufacturing plant is in a perfectly competitive labor market where the current wage is $14 per hour, his firm can expect to drive up wages if it expands its operations by 50%
Indicate whether the statement is true or false
Under a system of fixed exchange rates, excess demand by Germans for the Swiss franc represents a potential
A. German balance-of-payments surplus with Switzerland. B. Swiss trade surplus with Germany. C. German balance-of-payments deficit with Switzerland. D. German trade surplus with Switzerland.
A monopolist will set its production at a level where marginal cost is equal to _____.
(A) Total revenue (B) Marginal revenue (C) The equilibrium market price (D) Quantity supplied
You accidentally jump the curb and run over your neighbor's extensive garden gnome collection. Your neighbor sues you and you are required to pay $3,000 to replace the gnomes. This is an example of
A. a liability rule. B. the Coase theorem. C. the free-rider problem. D. an injunction.