The value of the wheat used in the production of bread is not included in the calculation of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the market demand curve for apples can be expressed as QD = 220 - 2P - Pb + 0.2Y, where QD is the quantity of apples demanded, P is the price of an apple, Pb is the price of a banana, and Y is the average annual household income in thousands of dollars. What is the change in the quantity demanded of apples if the income increases by $10,000?
A) 220 apples B) 2 apples C) 40 apples D) Not enough information to answer the question.
A decrease in long-run average costs resulting from increases in output is
A) attributed to economies of scale. B) attributed to diseconomies to scale. C) attributed to constant returns to scale. D) attributed to the law of diminishing marginal product.