Gross domestic product (GDP) includes:
A. intermediate as well as final goods.
B. foreign goods as well as domestically produced goods.
C. used goods sold in the current time period.
D. only final goods and services.
Answer: D
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Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 12 to 13 units?
A) 58.5 B) 70 C) 690 D) 760
Which of the following would, by itself, reveal the most about a country's standard of living?
a. its level of capital b. the number of hours worked c. its availability of natural resources d. its productivity
The purpose of the network of air quality monitoring stations across the United States is
a. to monitor compliance with National Ambient Air Quality Standards. b. to monitor compliance with the National Emissions Inventory. c. to monitor compliance with the Environmental Protection Agency. d. to monitor compliance with the Air Quality Index. e. to impose environmental responsibility on business and industry. f. None of the above.
An increase in demand will lead to a decrease in supply in the long run.
Answer the following statement true (T) or false (F)