Which of the following would be directly counted in GDP in 2016?
A) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a farm house built in 1950
B) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a brand new country-style home
C) kitchen cabinets purchased from Home Depot in 2016 to be installed in a house built in 1997
D) none of the above
C
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Firm X's total fixed costs are $1,000. Its total variable costs of producing 100 units are $2,000, and its total variable costs of producing 200 units are $4,000. Which of the following will happen to firm X's average costs as it increases output from 100 to 200 units?
a. Average costs increase. b. Average costs decrease. c. Average costs remain constant. d. Average costs increase slightly.
Suppose firms in a perfectly competitive market are earning an economic profit. As new firms enter, the price ________ and the economic profit of each existing firm ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases