Figure 10-7
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Figure 10-8 displays the cost curves of a perfectly competitive firm. Profits at a price of $10 would be approximately
A. $1 per unit.
B. $3 per unit.
C. $5 per unit.
D. $10 per unit.
Answer: A
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A) an increase in autonomous spending combined with an increase in the marginal propensity to save. B) a gap between full employment and the current level of real GDP and an increase in autonomous spending. C) an increase in autonomous saving so that autonomous investment spending can increase. D) an increase in autonomous spending and a horizontal short-run aggregate supply curve.
The old classical macroeconomic was based on an assumption of price and wage ________, and thus an economy that ________
A) flexibility, promptly self-corrected B) flexibility, failed to self-correct promptly C) stickiness, promptly self-corrected D) stickiness, failed to self-correct promptly
In a closed economy taxes are $750 billion, government transfers are $400 billion, government expenditures are $500 billion, and investment is $400 billion. What are private saving, public saving and national saving?
A private agreement to reduce pollution becomes harder when ______.
a. both parties are fully informed on the effects of the deal b. ownership of property rights is clearly determined c. the number of involved parties increases d. the public can be excluded from enjoying the benefits