The value of steel sold to an automobile producer is ________ directly included in the GDP because ________
A) always; it was produced during the current period
B) never; to do so is to double count the value of the steel
C) sometimes; the automobile may not be sold in the current period
D) sometimes; the steel is sometimes not resold in the current period
D
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Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. What is the marginal product of the sixth worker?
A. 2 units B. 3 units C. 4 units D. 5 units
An efficient allocation of resources is demonstrated by a point
a. above the production possibilities frontier. b. below the production possibilities frontier. c. on the production possibilities frontier. d. near the middle of the production possibilities frontier.
The small-country monopolist's free-trade equilibrium features a marginal revenue curve equal to __________ and coincident with _____________.
a. marginal cost; the consumer's demand curve for the product b. the world price; the new competitive demand curve for the firm c. one; profits d. imports at each price; the supply curve
Refer to the accompanying graph. The short-run profit-maximizing output for the monopolistic competitive firm is:
A) 0 (zero)units per week.
B) 50 units per week.
C) 60 units per week.
D) 85 units per week.
E) 90 units per week.