What determines the value of goods and services for GDP?
a. market prices
b. quality of product
c. stock rating
d. investment
a. market prices
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The largest volume of trade in the world occurs between the United States and
a. Russia b. Japan c. Mexico d. Canada e. Britain
A pure monopolist sells output for $4.00 per unit at the current level of production. At this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. The marginal revenue is $3.00. What is the
short-run condition for the monopolist and what output changes would you recommend? What will be an ideal response?
Refer to the graph shown for a small country that is a price taker internationally.
Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit. If there are no trade restrictions, this country will produce:
A. 4,800 units domestically and import 2,600 units. B. 2,400 units domestically and import 5,000 units. C. 4,800 units domestically and consume 4,800 units. D. 7,400 units domestically and export 5,000 units.
During periods of high inflation, people want to hold as much money as possible
a. True b. False Indicate whether the statement is true or false