National defense services provided by the military are:
A. excluded from GDP because they are intermediate goods.
B. included in GDP at cost.
C. excluded from GDP because they are not sold in markets.
D. included in GDP at market prices.
Answer: B
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In 2013, the reference base period for the CPI for the nation of Webot, a typical consumer spent $30 on potatoes and $150 on steak
If the price of steak is $15 and the price of potatoes is $1 then there are ________ units of steak and ________ units of potatoes in the CPI market basket. A) 10; 30 B) 150; 30 C) 5; 30 D) 30; 150 E) None of the above answers is correct.
Refer to Figure 10.3. What quantity will the monopsonist purchase to maximize profit?
A) Q1 B) Q2 C) Q3 D) Q4 E) none of the above
There is a shortage in a market for a product when:
a. The increase in demand is greater than the increase in supply b. Quantity demanded is less than quantity supplied c. Quantity demanded is greater than quantity supplied d. The increase in supply is greater than the increase in demand
A monopoly
A. Maximizes profits at the output level where MR > MC. B. Produces less output than a competitive industry, ceteris paribus. C. Maximizes profits at the output where P = MR. D. Charges the same price as a competitive industry, ceteris paribus.