If the LM curve is vertical, then
A) there is partial "crowding out" of an increase in government expenditures.
B) the increase in the money supply will have no impact on the level of real GNP.
C) the demand for money is highly sensitive to the interest rate.
D) the velocity of money is constant.
D
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Based on Figure 6.1, suppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will the tariff reduce imports?
A) Imports will decrease by 10 million bushels. B) Imports will decrease by 20 million bushels. C) Imports will decrease by 60 million bushels. D) Imports will not change after the tariff.
A firm should never produce any output if
A. AR < ATC. B. P < AVC. C. P < ATC. D. MR < MC.
Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. The marginal product of the third worker is
A. 4. B. 5. C. 12. D. 17.
Refer to the information provided in Table 21.7 below to answer the question(s) that follow. Table 21.7
Refer to Table 21.7. The value for national income in billions of dollars is
A. 710. B. 750. C. 800. D. 825.