Refer to Exhibit 7-1. What is the value of gross domestic product?
A. $6,062
B. $329
C. $349
D. $319
Answer : A. $6,062
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
Markets reduce transactions costs
a. by decreasing the time spent searching for information about goods and services b. only when they have a highly structured set of rules like the New York Stock Exchange c. because each market uses the same set of rules for buying and selling goods and services d. only when the government can coordinate the plans of many buyers and sellers e. when prices are set by the sellers and are not determined by negotiation between the buyers and the sellers
If the price floor of a market is raised, which of the following would happen?
a. The consumer surplus would increase, the producer surplus would decrease and the dead weight loss would decrease b. The consumer surplus would decrease, the producer surplus would decrease and the dead weight loss would increase c. The consumer surplus, the producer surplus and the dead weight loss would all decrease d. The consumer surplus, the producer surplus and the dead weight loss would all increase e. The consumer surplus would decrease, the producer surplus would increase and the dead weight loss would increase
By driving onto a congested road for which no toll is charged, a driver
a. contributes to the overuse of a common resource. b. contributes to a negative-externality problem. c. is inflicting additional time cost on all of the other drivers. d. All of the above are correct.