Which of the following items is NOT a component of the income approach to measuring U.S. GDP?
A) interest earned on savings deposits
B) profits made by businesses
C) income earned by businesses that export goods
D) investment
D
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Which of the following statements is true?
a. Monopoly results in smaller output and a higher price than would be the case under perfect competition. b. The monopolist produces at an output where P > MC and the marginal value to society of the last unit produced is greater than its marginal cost. c. The monopoly is not producing enough output from society's standpoint. d. Monopoly may lead to greater concentration of economic power and could retard innovation. e. All of these statements are true.
The price elasticity of demand
A) depends on the units in which quantity is measured. B) depends on the units in which price is measured. C) depends on the units in which money is measured. D) is independent of the units in which quantity and price are measured.