Last year in a small economy, consumption spending was $12,000, investment spending was $3,500, government spending was $4, 000, exports were $1,150, and imports were $1,350. What was GDP for this economy last year?

For a perfectly competitive firm, the shutdown point is the

A) amount of output at which price equals minimum average variable cost. B) amount of output at which price equals minimum average total cost. C) price at which economic profit is zero. D) price at which total opportunity cost is zero.

Firm X owns both tea and coffee plantations. It sells directly to the public. If the firm wants to increase the sales for the coffee, assuming that tea and coffee are substitutes, which of these strategies can it employ?

a. Increase the price for the tea b. Offer free expedited shipping on the coffee c. Advertise the tea more heavily d. Both A&B