A nation's GDP can be calculated as
A. The sum of value added and intermediate goods.
B. The total value added at all stages of production.
C. PI plus depreciation.
D. NI plus depreciation.
Answer: B
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For the monopoly shown in the figure above, the economic profit is
A) $0. B) $10. C) $40. D) $100.
Because monopolistically competitive firms produce differentiated products, each firm
a. faces a demand curve that is horizontal. b. faces a demand curve that is vertical. c. has no control over product price. d. has some control over product price.
The North Korean economy is currently classified as:
A) a mixed economy. B) market capitalism. C) command socialism. D) the same kind of economy as Sweden.
Because most insurance companies insure many people, they do not have to worry about the problem of:
A. spreading of risk. B. information asymmetry. C. moral hazard. D. adverse selection.