Gross Domestic Product measures the market value of:
a. all final goods and services produced in the United States in a year.
b. all goods and services produced by the private sector of the economy.
c. only manufactured goods made for U.S. consumers.
d. only services produced by U.S. owned companies with facilities in the United States.
a
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The average number of years of schooling of workers in Argonia has increased. Which of the following is likely to be true if all other variables remain unchanged?
A) The unemployment rate in Argonia is likely to increase. B) The income per worker in Argonia is likely to decrease. C) The efficiency units of labor in Argonia is likely to increase. D) The aggregate price level in Argonia is likely to decrease.
If food is on the vertical axis and shelter on the horizontal axis, then the equation for the budget line can be expressed as
A. PsS + Pf = M. B. F = Pf - (Ps/Pf)S. C. S = M/Ps. D. S = M/Ps - (Pf/Ps)F.
Which of the following is true about a differentiated-product Bertrand duopoly?
A. Firm 1 and firm 2's reaction functions are downward sloping. B. Firm 1 and firm 2's reaction functions are upward sloping. C. In a differentiated-product Bertrand duopoly neither firm has a reaction function. D. Firm 1's reaction function is downward sloping but firm 2's reaction function is upward sloping.
Which of the following statement is correct?
A) When Marginal Product is greater than Average Product, Average Product is increasing. B) When Marginal Product is greater than Average Product, Average Product is decreasing. C) When Marginal Product is greater than Average Product, Average Product is equal to Total Product. D) When Marginal Product is greater than Average Product, Total Product is increasing at a decreasing rate.