Related to the Economics in Practice on p. 429: The value of the fees charged by eBay to sellers who use eBay is
A. only counted in U.S. GDP if the seller is in the U.S.
B. never counted in U.S. GDP
C. counted in U.S. GDP.
D. only counted in U.S. GDP if the product being sold is new.
Answer: C
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In 2012, the top one-fifth of U.S. households earned ________ of the nations total income
A) about 22% B) just under 35% C) just over half D) almost 90%
In which of the following situations would each of the members be responsible for producing an equal share of the total amount of output sold by the cartel engaged in joint profit maximization?
A) When the amount of revenue generated by each member of the cartel is the same. B) When there are no economies of scale in production. C) When each member of the cartel is using the same scale of production. D) When marginal costs of production are the same for each of the members of the cartel.
If the interest rate is 8 percent, then the present value of $1,000 to be received in 4 years is $735.03
a. True b. False Indicate whether the statement is true or false
The slope of a production possibilities curve is ________ because ________.
A. positive; producing more of one good requires producing more of the other B. negative; producing more of one good requires producing less of the other C. positive; producing more of one good requires producing less of the other D. negative; producing less of one good requires producing less of the other