The GDP measures the value of
a. final goods and services.
b. intermediate goods only.
c. final goods only.
d. services only.
a. final goods and services.
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The labor supply curve reflects how workers' decisions about the labor-leisure tradeoff respond to changes in the opportunity cost of leisure
a. True b. False Indicate whether the statement is true or false
The price elasticity of demand between milk and soda is likely to be:
A. negative, because the goods are complements. B. positive, because the goods are complements. C. negative, because the goods are substitutes. D. positive, because the goods are substitutes.
Autonomous spending in a closed economy equals which of the following?
A) c0 + I + G - c1T B) C + I + G C) Z D) c0 + I + G + c1T
Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 200 computers are produced per week. Given this information, the marginal product of the third worker is
A. 60 computers per week. B. 50 computers per week. C. 210 computers per week. D. 70 computers per week.