The equation of exchange is an economic theory
Indicate whether the statement is true or false
False
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Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. Nominal GDP in 2013 is equal to
A) $500. B) $800. C) $640. D) $625. E) $200.
An example of a barrier to entry is
a. patent law b. government regulations c. cost of advertising d. economies of scale e. all of the above
Hutch Technology makes computer monitors, which sell for $500 each. What is the opportunity cost of producing ten monitors?
a. $5,000 b. the other goods that could be produced with the resources that produce the ten monitors c. the profits that Hutch earns when it sells the ten monitors d. the profits that Hutch loses if it does not produce the monitors e. All of the above are correct.
The labor demand curve of a firm that sells its product in an imperfectly competitive market:
A. Is downsloping, solely because of the law of diminishing returns B. Is downsloping and flatter than the labor demand curve of a firm that sells its product in a purely competitive market C. Is upsloping D. Is downsloping, because of both declining marginal productivity and declining product prices as quantity increases