Estimates of the values of which of the following non-market goods or services are included in GDP?
a. unpaid housework but not the rental value of owner-occupied homes.
b. the rental value of owner-occupied homes but not unpaid housework.
c. unpaid housework and the rental value of owner-occupied homes.
d. Neither unpaid housework nor the rental value of owner-occupied homes.
b
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If the index of intra-industry trade for an industry is zero, then:
a. exports and imports in that industry are equal. b. there are no exports in that industry. c. there are no imports in that industry. d. there is no trade in that industry.
The above figure represents a restaurant operating in monopolistic competition
a. What is the profit-maximizing level of output? b. What price will the firm charge? c. What is the firm's profit (or loss)? d. Is this a long-run equilibrium? Why or why not? e. Is this firm producing its efficient scale of output?