Nominal GDP is the
A. Value of final output produced, measured in current prices.
B. Value of final output produced, adjusted for changing prices.
C. Price index that refers to all goods and services included in GDP.
D. Value of final output produced using American-owned factors of production.
Answer: A
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Economists refer to the talents, training, and education of workers as:
A. labor supply. B. physical capital. C. human capital. D. average labor productivity.
A firm producing cans buys three tons of aluminum per day at $200 per ton. If it buys four tons per day, it receives a quantity discount on all units and pays only $175 per ton. The marginal cost of the fourth ton per day is
a. $100. b. $175. c. $700. d. $225.
If most bankers could do what they wanted, they would probably hold reserves of about
A. 0%. B. 2%. C. 7-8%. D. 10-12%. E. 22-25%.
Given the following information that includes all costs of the firm, we know that:Value of final sales$1,000Rent$200Compensation to employees$500Interest$500
A. income does not equal the value of final output. B. profit is -$200. C. there is a loss that must be subtracted from final sales so that income equals output. D. profit is $200.