The value of the micro-processor used in the production of a cell phone is included in the calculation of GDP
a. True
b. False
Indicate whether the statement is true or false
False
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Why is the equilibrium price the best deal available for both buyers and sellers?
What will be an ideal response?
If total consumption is $5 billion, investments $2 billion, government purchases $1 billion, exports $1 billion, and imports $3 billion, the GDP must equal:
A. $6 billion. B. $12 billion. C. $9 billion. D. $3 billion.
Suppose marginal cost is constant and equal to 50 and marginal revenue equals 100 - 10Q. A profit-maximizing monopolist will set quantity equal to:
A. 7. B. 5. C. 3. D. 10.
The federal gasoline tax is assessed on a per-gallon basis and the proceeds are used for highway maintenance and improvements. This tax is consistent with the:
A. single-tax theory of taxation. B. pay-as-you-go ("Paygo") theory of taxation. C. benefits-received principle of taxation. D. ability-to-pay principle of taxation.