Bananas, chocolate bars, chewing gum, orange juice and yogurt are considered to be ________ goods.
A. durable
B. nondurable
C. essential
D. service
Answer: B
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Potential output in an economy decreases as the supply of labor decreases or the capital stock increases
Indicate whether the statement is true or false
When the process of entry and exit has ended in a competitive market, are firms' profits positive, negative, or zero?
A potato farmer who signs a futures contract is
A) speculating on the future price of potatoes, hoping it will be higher. B) speculating on the future price of potatoes, hoping it will be lower. C) eliminating his exposure to risk from a falling potato price. D) trying to influence the price of potatoes to rise.
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206In year 4, nominal GDP would be:
A. $60. B. $316. C. $90. D. $120.