A product that is produced in 2015 and not sold until 2016 will be counted in the GDP for
A. both 2015 and 2016.
B. neither 2015 nor 2016.
C. 2015
D. 2016
Answer: C
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Gross domestic product in the economy is measured by the
A) total number of services produced in the economy. B) dollar value of all final goods and services produced in the economy. C) total number of goods and services produced in the economy. D) total number of goods produced in the economy.
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. What factors of demand and/or supply are affected by the changing price of oil?
A. Price of related good, expectations of future B. Price of related good, price of input C. Price of input, income D. Price of input, number of buyers
Which of the following is true, according to the law of diminishing marginal utility?
a. The marginal utility of Diane's second Coke is greater than the marginal utility of her third pretzel, other things constant. b. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third pretzel, other things constant. c. The marginal utility of Diane's second Coke is greater than the marginal utility of her third Coke, other things constant. d. The total utility of two Cokes is greater than the total utility of three Cokes, other things constant. e. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third Coke, other things constant.
In the long run, even if new fringe firms enter the oligopoly market, the dominant firm's profit will remain unaltered
Indicate whether the statement is true or false