Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because
a. it was not produced for the marketplace
b. it is an intermediate good that Susie will process further before feeding her family
c. goods produced using land are not included in GDP
d. the corn has low value
e. it reduces the amount of corn she will buy at the store
A
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When the Smiths were shopping for their present home, the asking price from the previous owner was $250,000.00. The Smiths had decided they would pay no more than $245,000.00 for the house
After negotiations, the Smiths actually purchased the house for $239,000.00. They, therefore, enjoyed a consumer surplus of A) $239,000.00. B) $5,000.00. C) $6,000.00. D) $11,000.00.
Suppose the Christmas trees market is perfectly competitive. A business owner is currently suffering from a loss of $1,000, the cost of producing and selling an additional Christmas tree is $20, and the current market price is $25. The owner
A) should sell more trees. B) should shut down his business now. C) should advertise in the market. D) is already minimizing his loss.