Adding the market value of all final and intermediate goods and services in an economy in a given year would result in:
A. an amount less than GDP for that year.
B. an amount greater than GDP for that year.
C. the calculation of GDP for that year.
D. the calculation of NDP for that year.
Answer: B
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If the United States negotiates a voluntary export restraint with international sugar producing nations, then
A) U.S. sugar buyers pay a lower price for sugar. B) U.S. sugar producers produce a smaller quantity. C) imports of sugar increase. D) the U.S. government collects less revenue than if it imposed a tariff on sugar. E) the foreign governments collect more revenue than if a tariff is imposed on sugar.
If an individual's supply of labor curve is positively sloped throughout, then:
a. the substitution effect always dominates the income effect. b. the income effect always dominates the substitution effect. c. the substitution effect dominates at low real wage levels and the income effect dominates at high real wage levels. d. the income effect dominates at low real wage levels and the substitution effect dominates at high real wage levels.
Collusion and cartels are frequently legal in Europe
a. True b. False
Which of the following statements is not correct?
a. Fixed costs are constant. b. Variable costs change as output changes. c. Average fixed costs are constant. d. Average total costs are typically U-shaped.