When the GDP is measured using "adjustments for price changes" it is known as the:
A. real GDP.
B. nominal GDP.
C. real GNP.
D. nominal GNP.
Answer: A
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Using the data in the above table, if the price of an hour of labor is $20 and the price of a unit of capital is $10, then the most economically efficient technique for producing 100 sweaters is
A) A. B) B. C) C. D) D.
Because of the relationship between a perfectly competitive firm's demand curve and its marginal revenue curve, the profit maximization condition for the firm can be written as
A) P = MR. B) P = AVC. C) AR = MR. D) P = MC. E) P = AC.
John moved his office from a building he was renting downtown to the carriage house he owns in back of his house. How will his profit change?
a. Implicit costs fall. b. Explicit costs remain unchanged while implicit costs rise. c. Economic profit must fall. d. Explicit costs rise. e. Accounting profit will rise.
When the government imposes a tariff on imported goods, it _____________ prices for domestic consumers, ________________ consumers' surplus and _________________ the producers' surplus for domestic producers
A) raises; lowers; raises B) lowers; raises; raises C) lowers; raises; lowers D) raises; lowers; lowers E) none of the above