Which term defines the market value of goods and services produced in a country in a year (expressed in a national currency)?
a. gross domestic product
b. gross national product
c. per capita GNP
d. per capita GDP
Answer: a. gross domestic product (GDP)
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If the quantity of money demanded is greater than the quantity supplied, then in the short run the
A) demand for financial assets increases. B) price of financial assets rises. C) nominal interest rate rises. D) nominal interest rate falls. E) price level rises.
A student makes the following statement: "The real problem with pure public goods is that they are nonrival and nonexcludable." Explain whether you agree or disagree with the student's statement
What will be an ideal response?
Refer to Figure 12-5. The figure shows the cost structure of a firm in a perfectly competitive market. If the firm's fixed cost increases by $1,000 due to a new environmental regulation, what happens to its profit-maximizing output level?
A) It remains the same. B) It decreases. C) It increases. D) It could increase, decrease, or remain constant, depending on whether the firm is able to cut costs somewhere else.
In the long run, when economic profit is greater than zero in a perfectly competitive industry, _____
a. existing firms contract their production levels b. firms suffer losses but decide to operate c. there is an upward pressure on the market price of the good d. new firms enter the industry