An economist might emphasize that our everyday use of natural resources is the product of knowledge by saying:
A) "Money is the root of all that is good about the world."
B) "Usable oil comes from our minds' innovations."
C) "A bird in the hand is worth two in the bush."
D) "You're fired."
B
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Starting at full employment (RGDPNR), a. expansionary monetary policy can potentially result in increased real output, but only in the short run
b. expansionary monetary policy can potentially result in increased real output in both the short run and long run. c. contractionary monetary policy can potentially result in increased real output, but only in the short run. d. contractionary monetary policy can potentially result in increased real output in both the short run and long run.
Politicians often argue for tariff increases in order to reduce the size of a balance of trade deficit. If tariffs are increased, the long-run effect is most likely to be: a. a decrease in both U.S. imports and exports
b. an increase in both U.S. imports and exports. c. an decrease in U.S. imports, and an increase in U.S. exports. d. an increase in U.S. imports, and a decrease in U.S. exports.
Suppose you are an analyst for the Coca-Cola Company. An individual's inverse demand for Coca-Cola is estimated to be P = 98 ? 4Q (in cents). If Coca-Cola is produced according to the cost function C(Q) = 1,000 + 2Q (in cents), compute the optimal price and the number of cans to sell as a single package.
A. $15 per package and 16.67 cans B. $11.52 per package and 12 cans C. $12 per package and 24 cans D. $120 per package and 12 cans
In the long run:
A. firms have the ability to enter or exit the industry. B. firms are able to alter some, but not all, of their resources. C. firms are unable to adjust their output choices. D. None of these are correct.