Gross domestic product can be calculated
A) either by valuing the nation's output of goods and services or by valuing the income generated in the production process.
B) by adding up the personal consumption of all members of the society.
C) by adding up the value of all intermediate goods used in the economy.
D) by adding up the income tax returns of all members of the society.
A
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If a firm hires 312 workers it will produce 4,522 units of output. If it hires 313 workers it will produce 4,786 units of output. The marginal physical product of labor equals
A) 4,786. B) 313. C) 264. D) 1.
Which of the following is a characteristic of socialism?
A. rejection of central planning B. consumer sovereignty C. government ownership of most of the factors of production. D. private ownership of all factors of production.