If chain-weighted increases in real GDP for 2002-03, 2003-04, 2004-05, 2005-06, and 2006-07 are 5%, 4%, 2%, 1%, and 3% respectively, and nominal GDP in the 2002 base year is $6244.4 billion, then chain-weighted real GDP for 2007 is

Which of the following is an example of a fixed cost for a fishing company?

a. The cost of hiring a fishing crew. b. The fuel costs of running the boat. c. The monthly loan payment on the boat. d. The supply of nets, hooks, and fishing lines. e. Bait.

A concave production possibilities frontier exhibits

a. increasing opportunity cost b. decreasing opportunity cost c. constant opportunity cost d. diminishing returns e. returns to scale