Using the rule of 70, about how much would $100 be worth after 50 years if the interest rate were 7 percent?
a. $400
b. $800
c. $1,600
d. $3,200
d
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Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8 . What would be the firm's total revenue if it instead produced and sold 4 units of output?
a. $4 b. $8 c. $32 d. $64
The city of Ann Arbor Michigan buys a police car manufactured in Germany. In the GDP accounts this transaction is included in
a. in government expenditures and exports. b. government expenditures and imports. c. exports, but not government expenditures. d. imports, but not government expenditures.
In an industry with free entry and exit, positive economic profit:
A. can never occur. B. cannot be sustained indefinitely. C. can be sustained indefinitely. D. indicates a market failure.
CO2 emissions are a
A. Problem for rich nations only. B. Global externality. C. Global private cost. D. Problem for poor nations only.