Gross domestic product is officially measured by adding together the:
a. market value of all final goods and services produced within the borders of a nation.
b. quantity of each good and service produced by U.S. residents.
c. none of these choices.
d. quantity of goods and services produced by companies owned by U.S. citizens.
a
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An economy where private individuals guided by the invisible hand make decisions is known as a:
A. socialist economy. B. centrally planned economy. C. barter economy. D. market economy.
Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $45 a day?
A. 1 B. 3 C. 2 D. 4
Pappy's Popcorn Emporium operates in a perfectly competitive industry and hires you as an economic consultant. Pappy's is currently producing at a point where market price equals its marginal cost. Its total revenue exceeds both its total variable cost and its total cost. You advise Pappy's to
A. lower its price immediately in anticipation of new firms entering the industry. B. continue to produce in the short run to maximize its profit. C. raise its price so that it can increase its profit. D. cease production immediately because it is incurring a loss.
Refer to the graph shown. With an effective price ceiling at $3, the quantity supplied:
A. falls from 40 to 20. B. increases from 20 to 40. C. increases from 40 to 70. D. falls from 70 to 40.