Consumption spending includes:
a. durable goods, nondurable goods, and housing.
b. durable goods, nondurable goods, and imports.
c. durable goods, services, and housing.
d. durable goods, nondurable goods, and services.
e. nondurable goods, services, and housing.
d
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In the short run, a firm that produces and sells house paint can adjust
a. where to produce along its long-run average-total-cost curve. b. the size of its factories. c. how many workers to hire. d. All of the above are correct.
Under a Coase bargaining solution, deal making between the two parties continues until the marginal ________ to the harmed party equals the marginal ________ to the other party.
A. benefit; benefit B. benefit; cost C. cost; benefit D. cost; cost
Transfer payments such as Social Security or unemployment compensation are counted in the calculation of GDP.
Answer the following statement true (T) or false (F)
A firm could continue to operate for years without ever earning a profit as long as it is producing an output where
A) MR < ATC. B) ATC > AVC. C) MR > AVC. D) AFC < AVC.