Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has
a. reduced measured GDP.
b. not affected measured GDP.
c. increased measured GDP only to the extent that the value of the restaurant meals exceeded the value of meals previously cooked at home.
d. increased measured GDP by the full value of the restaurant meals.
D
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The lowest-income fifth of the population ordinarily earns about 20 percent of the income in the United States
a. True b. False Indicate whether the statement is true or false
Refer to the figure at right. Minimum efficient scale is at output rate
A. Q1
B. Q2
C. Q3
D. Q5
If price is below average variable costs at all rates of output, the quantity supplied by a perfectly competitive firm will equal
A) zero. B) the rate of output where price equals marginal cost. C) the rate of output associated with the break-even point. D) the rate of output where marginal revenue equals average fixed costs.
People who bought candles on the street at midnight during the great Blackout of 2003 ___________ (did/did not) get ripped off.
Fill in the blank(s) with the appropriate word(s).