The above table gives data for the nation of Mojo. At what level of real GDP is the economy at equilibrium expenditure?
A) $3.0 trillion
B) $9.0 trillion
C) more than $12.0 trillion.
D) $6.0 trillion
E) $12.0 trillion
D
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Some economists argue that monopolistically competitive markets are inefficient because:
a. the firms earn economic profits in the long run. b. the firms' marginal costs and marginal revenues are not always equal. c. firms do not produce the output rate that would minimize their average total cost. d. barriers to entry are high.
The answer is: "A tax on imports." What is the question?
A) What is comparative advantage? B) What is a quota? C) What is a tariff? D) What reduces consumers' surplus? E) c and d
A contractionary fiscal policy is a policy that:
A. reduces aggregate demand by decreasing taxes. B. reduces aggregate demand by decreasing government purchases. C. reduces aggregate demand by decreasing interest rates. D. reduces aggregate demand by decreasing money supply.
Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?
What will be an ideal response?