The question "Should we produce houses using bricks or wood?" is an example of a ________ question
A) what B) how C) why D) for whom E) where
B
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A monopoly firm never incurs a loss as it is the sole supplier of the good in the market
a. True b. False Indicate whether the statement is true or false
Diamond rings are relatively scarce because:
A. diamond producers limit the quantity supplied to the market B. the demand for diamonds is so high C. of monopolistic competition D. according to geologists, diamonds are less common than is any other gem-quality stone.
Tom is an organic gardener. For several years, he produced only for his own consumption, but this year he has sold his vegetables at a farmer's market. The vegetables Tom produces a. are not included in GDP, not for this year nor for previous years
b. are included in GDP for this year, but prior to this year the value of his vegetables was not included in GDP. c. would be included in GDP only if the vegetables were registered with the Department of Agriculture. d. are not part of GDP, since vegetables are not a good included in GDP.
Refer to the graph above. Assume that the economy is in a recession with a price level of P 1 and output level Q 1. The government then adopts an appropriate discretionary fiscal policy. What will be the most likely new equilibrium price level and output?
P1 and Q1 P1 and Q3 P2 and Q2 P2 and Q4