Firms in a competitive market are said to be price takers because there are many sellers in the market, and the goods offered by the firms are very similar if not identical
a. True
b. False
Indicate whether the statement is true or false
True
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In the 1990 Clean Air Act Amendments,
a. Title IV uses a strict command-and-control approach to regulate sulfur dioxide b. market-based approaches are integrated in certain of the titled sections c. market-based policies predominate over command-and-control initiatives d. there were no provisions to control ozone depletion
GDP ignores transactions that take place in the underground economy
Indicate whether the statement is true or false
If the accounting profit equals $200,000 and implicit costs equal $40,000, the economic profit equals
a. $240,000. b. $200,000. c. $160,000. d. $40,000.
The factor payments measure of GDP
a. can be expressed as GDP = C + I + G + NX b. is found by summing all expenditures on intermediate and final goods and services during the year c. calculates how much value was added at each stage of production d. is found by summing all interest, rent, profit, and wages and salaries generated during the year e. calculates how much workers paid for goods and services during the year