If the GDP gap is negative, then:
A. the inflation rate is rising.
B. actual GDP is less than potential GDP.
C. potential GDP is less than actual GDP.
D. the unemployment rate is falling.
Answer: B
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If a single firm can meet the entire market demand at a lower average total cost than a larger number of smaller firms, the single firm is
A) price discriminating. B) a natural monopoly. C) a legal monopoly. D) efficient when profit maximizing. E) an ownership-of-the-market monopoly.
Assume Brandon's benefit function for water is S(W) = ?W and he consumes water both in droughts, WD, or in the rainy season, WR. Assume his current consumption bundle is WD = 36 and WR = 25 and the probability of drought is 0.75. What is Brandon's expected utility?
A. 5.75 B. 33.25 C. 11 D. 30.5
Characterized by work consisting of a series of short term jobs coordinated through a mobile app Millennial Generation of workers born between 1980 and 2000 reflect the expectations of the new social contract
In this economic growth and production possibilities curve, the movement from the old production possibilities curve to the new one results in ______.
a. the same amount of food but less housing
b. the ability to have more food and more housing
c. fewer overall goods being available to consumers
d. the elimination of increasing opportunity costs