Suppose that a tire factory produces $825,000 of output and causes $70,000 worth of pollution as a result of production. The tire factory's official contribution to GDP would be ________ and its overall contribution to society would be ________.
A. $825,000; $895,000
B. $895,000; $825,000
C. $825,000; $755,000
D. $755,000; $825,000
Answer: C
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If the demand for loanable funds shifts right, then
a. the real interest rate and the equilibrium quantity of loanable funds both fall. b. the real interest rate falls and the equilibrium quantity of loanable funds rises. c. the real interest rate and the equilibrium quantity of loanable funds both rise. d. the real interest rate rises and the equilibrium quantify of loanable funds falls.
Assume soybeans are produced in a perfectly competitive industry. A soybean farmer is currently maximizing his profits. If the market price of soybeans falls, after the farmer adjusts to the new price, he will be producing __________ bushels of soybeans and his profit will be __________.
A) fewer; the same B) fewer; lower C) more; the same D) the same number of; the same
If the price of laptops were to rise, then the demand for printers would decrease because laptops and printers are
A. inferior goods. B. substitute goods. C. consumer goods. D. complementary goods.
A firm has average fixed costs of $0.20 and average variable costs of $2.50 at an output of 500 units. The firm's total costs are therefore
A) $1,250. B) $1,350. C) $1,150. D) $1,500.