Suppose in 2016, you purchase a house built in 2003. Which of the following would be included in the gross domestic product for 2016?
A) the value of the house in 2016
B) the value of the house in 2016 minus depreciation
C) the value of the services of the real estate agent
D) the value of the house in 2003
C
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The long-run average cost curve is U-shaped because of which of the following?
A) decreasing marginal returns as more labor is hired B) constant fixed costs as output is increased C) economies and diseconomies of scale D) increasing marginal returns as more labor is hired E) decreasing average fixed costs as output is increased
Brand management refers to
A) the efforts to maintain the differentiation of a product over time. B) selling the right to use a brand name in a particular market. C) picking a brand name for a new product that will attract attention. D) efforts to reduce the cost of production.