The value of Gross Domestic Product (GDP), when estimated by the income approach, is the sum of
A. income earned by all factors of production, indirect business taxes, corporate income taxes, and personal income taxes.
B. consumption expenditures, investment spending, and profits.
C. wages, rent, interest, gross corporate profits, proprietor's income, and taxes unrelated to incomes, and depreciation.
D. consumption, wages, rents, interest, and profits.
Answer: C
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You pay $15 for an all-you-can-eat buffet. The food isn't so good, but definitely edible. When you finish eating, what is the marginal value of the last bite of food you consumed?
A) zero B) $15 C) positive D) negative
The monopoly supply curve is the
A) same as the competitive market supply curve. B) portion of marginal costs curve where marginal costs exceed the minimum value of average variable costs. C) result of market power and production costs. D) none of the above
"The Florida freeze has destroyed 40% of the orange cro
A) Yes. The freeze would not reduce the supply. B) Yes. The higher price would not reduce the demand. C) Yes. It assumes the demand curve for oranges is vertical. D) Yes. It assumes the demand curve for oranges is upward-sloping.
If the demand is unit elastic, a price cut will leave the quantity demanded unchanged
Indicate whether the statement is true or false