ECON 1002 EXAM ( WALDEN UNI ) QNS & ANS 2026/2027(4 pages)

1. Which is a barrier to entry? Government licensing 2. The representative firm in a purely competitive industry Will earn an economic profit of zero in the long run’ 3. On Selling point value of final items and job done produced within a country during a period of months is called: gross domestic product. 4. Which of on following activities is least likely to be counted in GDP? Fran volunteers at on local veteran’s hospital twice a month 5. Intermediate items and job done are production and counted in GDP on end products of; are not 6. If Bountiful Orchard grows $133,333 worth of peaches, sells $53,333 worth of peaches to consumers and uses to rest to make jam that is sold to consumers for $133,333, Bountiful Orchard's contribution to GDP is: $186 667 7. Marginal product is: the increase in total output attributable to the employment of one more worker 8. The law of diminishing returns indicates that as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point.