There are asymmetric incentives to support and to oppose protectionist trade policies, with the stronger incentives going to those that would seek protection

Real gross domestic product (GDP) is measured in terms of _____

a. current-year prices b. base-year prices c. foreign currencies d. the quality of goods produced e. hours of employment

Answer the following statements true (T) or false (F)

1. The production function relates outputs to inputs. 2. The marginal product is the increase in output per additional unit of input. 3. The marginal product decreases, reaches a minimum, and then rises as output increases. 4. As long as the marginal product is falling, the average product falls. 5. The average product decreases any time the marginal product is decreased.