Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. 
Figure 8.8 Refer to Figure 8.8. If this farmer is producing the profit-maximizing level of output, her profit is
A. $0.
B. $2,800.
C. $3,000.
D. $12,000.
Answer: C
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The basic RBC model predicts ________ movements in the price level, which in fact occur ________ in the U.S. economy
A) countercyclical, only occasionally B) countercyclical, most of the time C) procyclical, only occasionally D) procyclical, most of the time
Compared to an economy’s self-correcting mechanism, active contractionary fiscal policy will
A. work more slowly and calmly. B. work more quickly. C. have less deflationary effects. D. have a smaller effect on real GDP.
Nonrivalry and nonexcludability are the main characteristics of:
A. consumption goods. B. capital goods. C. private goods. D. public goods.
The solvency of Social Security can be extended if
A. the trust fund invests in government bonds. B. the retirement age is reduced. C. the cap on taxable earnings is lowered. D. the tax rate is increased.