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

Economics

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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

Economics

Briefly explain how economies of scale are present in a natural monopoly.

What will be an ideal response?

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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.

Economics