If M = $1,200 billion and V = 4, then total spending is _______________billion. Then velocity falls to 2 and M rises to $2,000 billion, so that total spending is now _______________ billion, and GDP has _________________
A) $4,800; $4,000; declined
B) $300; $1,000; risen
C) $4,800; $4,000; risen
D) $1,204; $2,002; risen
A
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A firm never operates
A) at the minimum of its ATC curve. B) at the minimum of its AVC curve. C) on the downward-sloping portion of its ATC curve. D) on the downward-sloping portion of its AVC curve. E) on its long-run marginal cost curve.
The federal government has several economic roles; name three: (1) _____, (2) _____ and (3) _____.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 10.2 below to answer the question(s) that follow. 
Figure 10.2 Refer to Figure 10.2. This firm's marginal cost curve has shifted from MC0 to MC1. A likely explanation for this is that
A. the price of a variable input decreased. B. the demand for the firm's product decreased. C. the productivity of a variable input declined. D. the supply of a variable input decreased.
Refer to the information provided in Figure 16.3 below to answer the question(s) that follow. 
Figure 16.3Refer to Figure 16.3. At 20 units of output there are external
A. costs of $2 per unit. B. benefits of $2 per unit. C. costs of $5 per unit. D. benefits of $5 per unit.