Suppose that real domestic output in an economy is 2400 units, the quantity of inputs is 60, and the price of each input is $30. The level of productivity in this economy is:
A. 50.
B. 20.
C. 30.
D. 40.
Answer: D
You might also like to view...
If you invest $500 today, and the value one year from today is $1000, then the annual interest rate must be
A) 10%. B) 50%. C) 100%. D) 200%.
Which of the following would definitely not be included in the measurement of GDP?
A) value of the services of a painter who paints your garage B) value of the services of a person who mows his or her own lawn C) value of the services of a maid who cleans your house D) value of the services of a plumber who fixes your kitchen sink
Briefly explain how economies of scale are present in a natural monopoly.
What will be an ideal response?
The portion of income that is not immediately spent on consumption of goods and services is:
A. investment. B. loanable funds. C. consumption spending. D. savings.