Which of the following questions can be answered by the process of demand side GDP determination?
A. How large is equilibrium GDP?
B. What can cause unemployment?
C. Is demand side equilibrium consistent with supply side equilibrium?
D. Does the economy have inflation?
Answer: B
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In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
a. Short-run average variable cost. b. Long-run average total cost. c. Short-run marginal cost. d. Short-run average total cost.
The Exxon Valdez oil spill was an exception to the rule. It was the only major environmental disaster in the 1980s
Indicate whether the statement is true or false
An individual should continue to spend time searching for a job as long as
a. all salary offers are below what the person expected. b. the marginal benefit expected from additional search exceeds the marginal cost. c. job openings are available in the individual's field. d. information is available that the individual has not yet collected.
What is the marginal cost associated with producing three units of the control variable, Q (identify point E in the table)?Control variableTotal BenefitsTotal CostsNet BenefitsMarginal BenefitMarginal CostMarginal Net BenefitQB(Q)C(Q)N(Q)MB(Q)MC(Q)MNB(Q)0000---190010080090010080021,700300C80020060032,4006001,800700E4004A1,0002,00060040020053,5001,5002,000500500F63,9002,1001,800D600-20074,2002,8001,400300700-40084,400B800200800-60094,5004,5000100900-800104,5005,500-1,00001,000-1,000
A. 200 B. 100 C. 50 D. 300