Doctor Green grows cucumbers for home consumption. That activity is:
a. excluded from GDP to avoid double counting
b. excluded from GDP because an intermediate good is involved.
c. excluded from GDP because no market transaction occurs.
d. included in GDP because it reflects production.
c
Economics
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In the figure above, the equilibrium market price is $20. Area A is the
A) marginal cost of 150th unit. B) willingness to pay for the 150th unit. C) producer surplus. D) consumer surplus. E) marginal benefit of 150th unit.
Economics
When the price of apples is $3 per bushel, and the quantity demanded is 1,000 bushels,
A) consumers need 1,000 bushels. B) consumers plan to purchase a total of 1,000 bushels. C) both A and B are true. D) none of the above is true.
Economics