GDP is a measure of the total output of an economy.
Answer the following statement true (T) or false (F)
True
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Agave, Six Feet Under, Globe, Silk, Sotto Sotto and Zocalo are all restaurants in Atlanta. In the short run, Globe could
I. make an economic profit. II. make zero economic profit. III. incur an economic loss. A) Only I B) Only II C) I, II, and III D) Only I and II
According to the IS curve, the tax multiplier is always ________
A) larger in absolute value than the expenditure multiplier B) equal to the expenditure multiplier C) smaller in absolute value than the expenditure multiplier D) equal to one
"If an individual is to maximize the utility received from consumption, he or she should spend all available income. . . ." This statement assumes:
a. that saving is impossible. b. that the individual is not satiated in any one good. c. that no goods are "inferior." d. that every good has a positive marginal utility.
In which of the following markets is economic profit driven to zero in the long run?
a. oligopoly b. monopoly c. monopolistic competition d. cartels