Which of the following is not included in U.S. GDP?
a. additions of newly produced output to inventory
b. production of U.S citizens working in foreign countries.
c. the estimated rental value of owner-occupied housing
d. the value of food purchased from a grocery store to make meals at home without pay
b
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The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. What is the efficient quantity of doughnuts to produce each day?
A) 100 dozen B) 200 dozen C) 300 dozen D) 500 dozen
The graph above might represent the ________
A) response to an increase in the fraction of the population engaged in research and development B) response to a rise in the productiveness of research and development C) response to an increase in the total population D) response to a rise in the saving rate
What are some criticisms of the CPI as a measure of inflation?
When the price and output decisions of one firm include the possible price and output reactions of the firm's rivals, the market is
A. a monopoly characterized by differentiated products. B. an oligopoly characterized by mutual interdependence. C. perfectly competitive characterized by collusion. D. monopolistically competitive characterized by nonprice competition.