If cyclical unemployment is eliminated
a. GDP is at its full-employment level
b. GDP is at its equilibrium level
c. the loanable funds market is in equilibrium
d. the aggregate supply curve shifts upward
e. potential output has increased
A
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For a given elasticity of demand, the less elastic the supply, the
A) larger the deadweight loss from a tax. B) larger the share of a tax paid by the sellers. C) greater the burden on the government from a tax. D) greater is the excess burden from a tax. E) larger the share of a tax paid by the buyers.
Which is an example of barter?
A. A person trades a desk for a box of tools B. A person buys clothes at a used clothing store C. A gift of tuition money from parents to their children D. The purchase of stock on the New York Stock Exchange
According to the diagram in the figure above, what is the marginal cost of producing the 3 millionth gallon of gasoline per month?
A) 5 pounds of shrimp per gallon of gasoline B) 4 pounds of shrimp per gallon of gasoline C) 3 pounds of shrimp per gallon of gasoline D) 1 pound of shrimp per gallon of gasoline
Firms that contain some divisions that produce parts and components to be used by other divisions in order to generate finished goods are said to be:
A) horizontally integrated. B) vertically integrated. C) multinationals. D) corporations.