Which of the following is omitted in the calculation of GDP?
A) Pension paid to retired workers B) Export of goods
C) Capital depreciation D) Interest paid on bank deposits
C
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Sharon purchases two products, X and Y, with a given fixed budget. The marginal utility she receives from the last unit of X she consumes is 60 utils, and the marginal utility she receives from the last unit of Y she consumes is 30 utils. The price of X is $2.00, and the price of Y is $1.00. Based on the equal marginal principle, these data suggest that Sharon
A. should buy more Y and less X. B. should buy less Y and X. C. should buy more X and less Y. D. is maximizing her total utility from the given fixed budget.
Looking at historical evidence for the United States and other countries, which of the following are TRUE?
I. There is a correlation between the growth rate of the quantity theory of money and the growth rate of real GDP. II. There is a correlation between the growth rate of the quantity theory of money and the inflation rate. A) Only I is true. B) Only II is true. C) Both I and II are true. D) Neither I or II is true.
When a tax on a good is enacted,
a. buyers and sellers share the burden of the tax regardless of whether the tax is levied on buyers or on sellers. b. buyers always bear the full burden of the tax. c. sellers always bear the full burden of the tax. d. sellers bear the full burden of the tax if the tax is levied on them; buyers bear the full burden of the tax if the tax is levied on them.
Returns to scale measures how much distance there is between the ________ when there is a uniform increase in the inputs
Fill in the blank(s) with the appropriate word(s).