Question 23 Which of the statements below is true? OLAfim eaming zero economic profits is not eaming ts opportunity cost O& The value of service provided by the miltary is included in GDP at market value Oc hcome resulting from unemployment benefts is included in GDP O& Other thngs equal in a market in equilbrum, any change in a delteminant of demand will change the equilibrium quantity supplied
Question 23 Which of the statements below is true? OLAfim eaming zero economic profits is not eaming ts opportunity cost O& The value of service provided by the miltary is included in GDP at market value Oc hcome resulting from unemployment benefts is included in GDP O& Other thngs equal in a market in equilbrum, any change in a delteminant of demand will change the equilibrium quantity supplied
Chapter1: Making Economics Decisions
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Transcribed Image Text:Question 23
Which of the statements below is true?
ORAfim eaming zero economic profits is not earning its opportunity cost
OA The value of service provided by the miltary is included in GDP at market value
Oc hcome resulting from unemployment benefts is included in GDP
O& Other things equal in a market in equilbrum, any change in a determinant of demand will change the equilibrium quantity supplied
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Meaning of Microeconomics:
The term macroeconomics refers to that situation under which the economic problems are judged on the basis of an individual level or through a single firm, i.e. when the transaction occurs between an individual consumer and individual producer, refers to as microeconomics.
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