The approach to calculating GDP that measures the contribution of each firm to GDP is referred to as the
a. expenditures approach to measuring GDP
b. factor payments approach to measuring GDP
c. value added approach to measuring GDP
d. productivity approach to measuring GDP
e. output approach to measuring GDP
C
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The "short run" may vary in length from industry to industry
a. True b. False
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on Alpha and Beta. She buys 8 units of Alpha and 12 units of Beta. The marginal utilities of the last unit of Alpha and Beta that she purchases are 40 utils and 20 utils, respectively. This indicates that
A. Ellie should make no change in consumption. B. in order to maximize utility, Ellie should buy more Beta and less Alpha. C. in order to maximize utility, Ellie should buy more Alpha and less Beta. D. given another dollar, Ellie should buy an additional unit of Beta.
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
The socially optimal quantity of the vaccine is ________ doses per day.
A. 75 B. 100 C. 125 D. 50
A perfectly competitive firm has no control over the price that it charges.
Answer the following statement true (T) or false (F)