Which of the following is NOT included in measured U.S. GDP?
A) the value of the pizzas produced at Pizza Hut in Kansas City
B) the value of leisure time
C) the value of the goods produced at a French owned plant in Atlanta, Georgia
D) the value of the services produced by a lawyer in Tampa, Florida
E) the value of a plane produced by Boeing in Washington and sold to Air France
B
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The buyers pay the entire sales tax levied on a good when demand is perfectly ________ or supply is perfectly ________
A) elastic; inelastic B) elastic; elastic C) inelastic; inelastic D) inelastic; elastic
The marginal rate of substitution is the rate at which a person is willing to substitute one good for another good while remaining on the same indifference curve
Indicate whether the statement is true or false
The demand curve for any input is the downward-sloping portion of its marginal revenue product curve
a. True b. False Indicate whether the statement is true or false
Workers at an automobile firm are laid off because the economy is weak and the demand for automobile has fallen. This is an example of _____
a. cyclical unemployment b. structural unemployment c. frictional unemployment d. seasonal unemployment