If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should
A) reduce its output.
B) increase its output.
C) lower the price.
D) keep output constant and enjoy the above normal profit.
B
Economics
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If an American construction company built a road in Kuwait, this activity would be
A) excluded from U.S. GNP. B) fully included in U.S. GDP. C) included in U.S. GNP only for that portion that was attributable to American capital and labor. D) included in U.S. GDP but not in U.S. GNP.
Economics
Money neutrality implies that changes in the money supply have an impact on
A) the unemployment rate. B) interest rates. C) the price level. D) real GDP.
Economics