Which of the following is not true about gross domestic product (GDP)?
a. It includes only final goods and services
b. It reflects production in a particular year.
c. Intermediate goods and services are excluded to prevent double counting.
d. It excludes purchases of financial assets.
e. It includes transfer payments.
e
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Ginger bought a phone that came with a $10 rebate. Ginger should fill out and mail in the rebate form if:
A. Ginger's surplus from purchasing the phone was less than $10. B. the opportunity cost of the time and trouble of sending in the rebate form is more than $10. C. the opportunity cost of the time and trouble of sending in the rebate form is less than $10. D. she would have bought the phone without the rebate, and so sending in the rebate form involves no opportunity cost.
Use the following supply and demand graph to answer the question below.
In the graph, line S is the current supply of this product, while line S1 is the optimal supply from the society's perspective. If government corrects this externality problem and shifts production to the socially optimal level, then the product price will be equal to
A. 0G. B. 0D. C. 0F. D. 0E.
The Solow model demonstrates that
A) in the absence of productivity growth, economic growth will turn negative in the long run. B) in the absence of productivity growth, economic growth will reach a steady state of zero per-capita growth in the long run. C) productivity growth must exceed the rate of growth in the population to avoid a steady state in the long run. D) productivity growth will inevitably decline due to diminishing marginal productivity.
Refer to the graph shown. If the firm's total cost is $375, labor must cost:
A. $5 per unit. B. $62.50 per unit. C. $6 per unit. D. $75 per unit.