The four components that make up GDP in the expenditure approach are:
A. C, I, G, and NX.
B. C, Im, G, and EX.
C. K, I, G, and NX.
D. C, I, G, and EX.
Answer: A
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Which of the following statements is true?
A) As the rental prices of downtown apartments rise, only workers with the lowest opportunity cost of time will be willing to rent them. B) As the rental prices of downtown apartments rise, only workers with the highest opportunity cost of time will be willing to rent them. C) Optimizers with the lowest opportunity cost of time push up the rental price of apartments with the lowest commute time. D) Optimizers with the highest opportunity cost of time push up the rental price of apartments with the highest commute time.
The figure above shows the market supply and market demand for pizza
a) What is the efficient quantity of pizzas? b) If 70,000 pizzas are produced, what area represents the deadweight loss? c) Why does the deadweight loss in part (b) occur? d) If 20,000 pizzas are produced, what area represents the deadweight loss? e) Why does the deadweight loss in part (d) occur?