Economists began carefully calculating GDP
a. simply because the data was available
b. to determine the contribution of specific firms to the economy
c. as a result of the problems during the Great Depression
d. to make sure that firms were being productive
e. to gain insight into the causes of unemployment
C
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Comparative advantage is determined by
A) actual differences in labor productivity between countries. B) relative differences in labor productivity between countries. C) Both A and B. D) Neither A nor B.
Other things equal, if the prices of a firm's variable inputs were to fall:
A. one could not predict how unit costs of production would be affected. B. marginal cost, average variable cost, and average fixed cost would all fall. C. marginal cost, average variable cost, and average total cost would all fall. D. average variable cost would fall, but marginal cost would be unchanged.