An information product is a product for which
A) the first item is produced inexpensively but additional units are more costly to produce.
B) the first unit is very costly to make but additional units are less costly to produce.
C) the marginal cost first falls and then rises but the average total cost rises throughout its range.
D) the average fixed cost first falls and then rises, but the average total cost falls throughout its range.
Answer: B
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The development of a new technology can provide a way for an economy to sidestep the diminishing marginal returns of capital deepening
a. True b. False Indicate whether the statement is true or false
U.S. exports are
a. not included in U.S. GDP because they are consumed abroad b. included in U.S. GDP because they are produced domestically c. included in U.S. GDP because they represent an increase in inventories d. included in U.S. GDP as government purchases because the government decides what goods may be exported e. not included in U.S. GDP because they are not subject to a tariff