GDP is a measure of an economy's:
A. domestic price level.
B. domestic productivity.
C. level of unemployment.
D. total output.
Answer: D
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In order to be a successful price discriminator, a provider must have a degree of market power (depicted by a downward-sloping demand curve) and meet what other condition(s)?
a. Markets must be segmentable, identifying differences in ability-to-pay. b. Demand for services must be relatively price elastic. c. Profitable service expansion opportunities must be limited. d. Customers cannot know that different prices are being charged. e. The provider must have excess capacity to accommodate the extra business.
Carlos and Darla are playing the dictator game. Carlos is assigned the role of dictator and given $20 to split between the two of them. Based on previous experiments with this game, if Carlos is a typical player, behavioral economists would expect:
A. Carlos to keep all of the money for himself. B. Carlos to give all of the money to Darla. C. Carlos to split the money evenly with Darla. D. Carlos to split the money, keeping a little more than half for himself.
Compared to a perfectly competitive firm, in a long run the monopolistically competitive firm will have
A) a lower price. B) a lower average cost. C) a horizontal demand function. D) a lower rate of output.
The quantitative relationship between inputs and outputs is called
A. production technology. B. consumer technology. C. labor-intensive technology. D. capital-intensive technology.