GDP is the:
A. sum of coins, bills, and demand deposits circulating in an economy one year period.
B. total expenditures of the federal government over the period of one year.
C. market value of an economy's production of final goods and services in a one year period.
D. market value of an economy's production of all goods and services in a one year period.
Answer: C
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Consider Mandy's decision to go to college. If she goes to college, she will spend $20,000 on tuition, $10,000 on room and board, and $2,000 on books. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Mandy's cost of going to college is
a. $32,000. b. $42,000. c. $50,000. d. $58,000.
"A monopolist refers to any firm that is large in size." Do you agree or disagree? Why?
What will be an ideal response?