To avoid double counting in the calculation of GDP, which types of goods are typically excluded from the calculation?
A) intermediate goods
B) capital goods
C) inventory goods
D) nonmarket goods
E) value-added goods
A
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Condorcet's Paradox occurs when:
a. majority rule voting cycles among alternatives. b. majority rule voting results in decisions that are not Pareto optimal. c. point voting yields indeterminate results. d. point voting results in decisions that are not Pareto optimal.
The isoquant mapping for perfect complements in production is
A. a straight line. B. concave. C. L-shaped. D. a ray passing through the origin.
Malmud wants to know how much the economy of his country has grown since he was born 30 years ago. First, he compares the GDP from 30 years ago to today’s GDP and finds that the economy grew by over 300 percent. This seems wrong to Malmud, because he does not believe his country is vastly wealthier than it was when he was young. Then he realizes that he has not considered how much the population of his country has grown over that same period. To get a better picture of how much the country’s economy has grown, he should look at the change in ______.
a. average incomes b. physical capital c. real GDP per capita d. diminishing returns
In the kinked-demand model, there will be a vertical break in the firm's:
A. demand curve. B. marginal cost curve. C. average total cost curve. D. marginal revenue curve.