For perfectly competitive firms, marginal revenue ________ price; for monopolists marginal revenue ________ price.
A. equals; is greater than
B. equals; is less than
C. is less than; equals
D. equals; equals
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. If the nominal value of a benefit in 2011 is $1,500, its real value in 2012, assuming a 3 percent inflation rate, is $1,545. 2. If the real value of an environmental cost in 2011 is $2,500, its nominal value in 2010, assuming a 2 percent inflation rate, must have been $2,550. 3. The present value of benefits (PVB) is equal to?(bt/[1+rs]t), with bt= Bt/(1 + p)t. 4. For a given policy option, if the ratio of the present value of benefits (PVB) to the present value of costs (PVC) is greater than zero, that policy option is considered to be feasible. 5. For a given policy option, if (PVB – PVC) is greater than 1, that policy option is considered to be feasible.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
There is no correlation between happiness and per capita income
a. True b. False
Which of the following is an example of structural unemployment?
a. The rise in unemployment for horse-stable workers after the development of gasoline-powered automobiles. b. The rise in unemployment among farm workers after harvest. c. The unemployment associated with workers changing jobs. d. The increase in unemployment during recession.