What are the components of private consumption expenditures?
a. Services, newly-constructed homes, durable goods, and nondurable goods
b. Services, durable goods, and nondurable goods
c. Services and nondurable goods
d. Services, durable goods, and used goods
e. Services and durable goods
B
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Refer to Figure 12-18. Use the figure above to answer the following questions
a. How can you determine that the figure represents a graph of a perfectly competitive firm? Be specific; indicate which curve gives you the information and how you use this information to arrive at your conclusion. b. What is the market price? c. What is the profit-maximizing output? d. What is total revenue at the profit-maximizing output? e. What is the total cost at the profit-maximizing output? f. What is the profit or loss at the profit-maximizing output? g. What is the firm's total fixed cost? h. What is the total variable cost? i. Identify the firm's short-run supply curve. j. Is the industry in a long-run equilibrium? k. If it is not in long-run equilibrium, what will happen in this industry to restore long-run equilibrium? l. In long-run equilibrium, what is the firm's profit maximizing quantity?
Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller. B) the same. C) greater. D) either greater than or less, depending on the number of substitutes the good has.
Which is NOT true about the coefficient of determination?
a. As you add more variables, the R-square generally rises. b. As you add more variables, the adjusted R-square can fall. c. If the R-square is above 50%, the regression is considered significant. d. The R-square gives the percent of the variation in the dependent variable that is explained by the independent variables. e. The higher is the R-square, the better is the fit.
If all variable taxes in the United States were removed and only fixed taxes remained, what would be the effect on the expenditures schedule?
A. The expenditure schedule will shift upward and become steeper. B. The expenditure schedule will shift upward and become less steep. C. The expenditure schedule will shift downward and become less steep. D. The expenditure schedule will shift downward and become steeper.