Which of the following is a way to measure of real GDP per capita?
A) (Labor productivity) × (Fraction of the population working)
B) (Nominal GDP) / (Real GDP)
C) (Total factor productivity) / (Capital stock)
D) (Real GDP) × (population)
A
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Net revenue is defined as
A) marginal revenue minus marginal cost. B) total revenue minus marginal cost. C) total revenue minus total cost. D) gross revenue minus depreciation.
A price ceiling is a price
A) below which a seller cannot legally sell. B) above which a seller cannot legally sell. C) that creates a surplus of the good. D) Both answers A and C are correct.
The more complicated the process used to produce a good,
a. the greater are the transaction costs of organizing production through markets b. the lower are the transaction costs of organizing production through markets c. the less likely a firm will use administrative controls to organize the production process d. the more likely a firm will use the market to organize the production process e. the more likely consumers will choose to purchase the good over other alternatives in the market
If this firm were a perfect competitor selling its entire output at a price of $1, the marginal revenue product of the third unit of input would be
A. $0.
B. $1.
C. $2.
D. $3.