The difference between the values of final production and value of the inputs is called:
a.? ?The gross product of the final goods and services
b.? ?The value added of the final goods and services
c.? ?The profit of the final goods and services
d.? ?The surplus of the final goods and service
Answer: b.? ?The value added of the final goods and services
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Each person who is 16 years or older is considered to be in one of the following categories:
A. part-time worker, full-time worker, or unemployed. B. employed, unemployed, or discouraged worker. C. part-time worker, full-time worker, or out of the labor force. D. employed, unemployed, or out of the labor force.
Suppose your expenses for this term are as follows: tuition: $9,000, room and board: $1,500, books and other educational supplies: $1,000
Further, during the term, you can only work part-time and earn $3,000 instead of your full-time salary of $8,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $10,000 B) $13,000 C) $15,000 D) $18,000
Which of the following characterizes the Fed's ability to prevent recessions?
A) The Fed is incapable of changing aggregate demand through its monetary policy tools. B) The Fed is able to "fine tune" the economy and entirely eliminate recessions. C) The Fed is able to eliminate the business cycle and achieve absolute price stability. D) The Fed is able to keep a recession shorter and milder than it would otherwise be.
During the production process Ajax Corporation releases pollution into the air. Ajax Corporation operates in a monopolistic competitive industry. Which of the following statements addresses the pollution situation?
A) Ajax is taking advantage of asymmetric information. B) This is an example of a market failure and is a reason for the government to regulate the industry. C) The quality of the product could be improved if the amount of pollution can be reduced. D) This is known as the lemons problem.