A good produced in 2009 and held in inventory until it is sold in 2010 would be included in which measure of GDP?
a. Half the value in 2009 and half the value in 2010
b. In 2010 GDP
c. In both 2009 and 2010 GDP
d. In 2009 GDP
d
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In the economic way of thinking, speculation can only occur
A) in a capitalist economy. B) in a society where time-travel is possible. C) under uncertainty. D) under perfect information. E) in an underground or illegal market system.
Which of the following correctly illustrates the leakages–injections approach to GDP?
a. DI + (NT) = C + I + G + (X ? M) b. S + C + NT = DI c. S + C + (NT) = I + G + (X ? M) d. S + (NT) + M = I + G + X e. S + (NT) = I + G + (X ? M)
An oligopolist faces a demand curve that is steeper at higher prices than at lower prices. Which of the following is most likely?
A. Other firms match price reductions but do not match price changes. B. The firm competes with others in the Bertrand fashion. C. The firm competes with others in the Cournot fashion. D. Other firms match price increases but do not match price reductions.
When marginal utility is decreasing but still positive, then total utility is
A) increasing at a decreasing rate. B) negative. C) decreasing. D) increasing at an increasing rate.