GDP measures:
a) A country's income
b) A country's wealth
c) Consumer spending
d) Net trade income
Answer: a) A country's income
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A production or consumption quota that can be bought or sold is called:
A. a buyers' or sellers' quota. B. a tax. C. a tradable allowance. D. a subsidy.
Suppose you were working for Richstone's bakery and calculating whether the bakery was making a profit, considering the recent increase in rent. You have data for price (P), MR, ATC, MC, AVC, at the quantity of 1,000 breads a day. The firm's total profit is calculated by
a. P – AVC b. P – ATC c. P – MC d. (P – ATC)Q e. TR – TVC
Within an occupation, when a given job provides steadier work (fewer layoffs), the hourly wage tends to be
a. no different from wage rates in jobs that are otherwise similar. b. lower than wage rates in jobs that are otherwise similar. c. higher than wage rates in jobs that are otherwise similar. d. determined by factors other than supply and demand.
Most policy makers agree that in the long run, changes in the money supply influence _____
Fill in the blank(s) with the appropriate word(s).