If the absolute price of a new car is $40,000 and the relative price of a laptop computer in terms of cars is 1/40 of a car, it follows that the absolute price of the laptop is

Using the income approach, indirect business taxes have to be added to get gross domestic product because the: a. selling price of a product includes these taxes, which are income to the governmentrepresenting the public interest of households

b. selling price of a product includes these taxes, which are resource payments. c. selling price of a product excludes these taxes and therefore they have to be added. d. selling price includes these taxes which are actually not income to any sector of the economy.

A market is unlikely to provide an efficient quantity of public goods because

a. only the government has the vast resources necessary to produce public goods. b. the nature of public goods makes it difficult for producers to withhold them from nonpaying consumers. c. the technology involved in the production of public goods makes it difficult for private firms to produce them even though they could be produced efficiently. d. private production of public goods generally results in a large amount of profit, which is difficult for a firm to effectively pay out to shareholders.