Final goods and services are ________ production and ________ counted in GDP.
A. used up in the process of; are
B. used up in the process of; are not
C. the end products of; are
D. the end products of; are not
Answer: C
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Union wages in the United States are, on average,
a. equal to nonunion wages b. twice as high as nonunion wages c. half of nonunion wages d. 15 percent higher than nonunion wages e. 50 percent higher than nonunion wages
Karl Marx was a (an):
a. 14th century Polish banker. b. 18th century Russian economist. c. 19th century Russian journalist. d. 19th century German philosopher.
Refer to the information provided in Table 8.5 below to answer the question(s) that follow. Table 8.5Number of SwordsTVCMCAVCTFCTCAFCATC0???? 50??1?25?????2??????47.503??23.33????4????150??5135??????Refer to Table 8.5. If Phoebe produces four swords, her average fixed costs are
A. $2. B. $10. C. $12.50. D. $50.
Which best expresses the law of diminishing marginal utility?
A. The more of a product is consumed, the smaller is the total utility from the product B. The less of a product is consumed, the greater is the marginal utility of the product C. The more of a product is consumed, the greater is the total utility from the product D. The less of a product consumed, the smaller is marginal utility of the product