In the above figure, if d1 is the relevant demand curve for this firm, then which level of output will maximize this firm's profits or minimize its losses?
A) A
B) B
C) C
D) D
A
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Exports decrease by $500 billion, investment increases by $300 billion, and government expenditure increases by $200 billion. As a result, autonomous expenditures ________ , total expenditures ________ , and equilibrium real GDP ________
A) increases by $3500 billion; increases; increases by more than $300 billion B) decreases by $200 billion; decreases; decreases by more than $200 billion C) increases by $500 billion; increases; increases by more than $500 billion D) decreases by $300 billion; decreases; decreases by more than $300 billion E) is unchanged; is unchanged; is unchanged
Absolute advantage is the ability of a country to produce a good with ________ than another country
a. a lower opportunity cost b. a higher opportunity cost c. fewer resources d. more resources
According to the law of supply, the higher the price the greater the quantity supplied
Indicate whether the statement is true or false
Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. If Leo earns $150, then he will receive ________ in total benefits from the two programs.
A. $225. B. $325. C. $75. D. 0.