Refer to the graph shown. The profit-maximizing monopolist would sell its output at price:
A. P1.
B. P2.
C. P3.
D. P4.
Answer: B
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Based on the research findings of David Galenson, Robert Heavner and others, what type of person would you expect to negotiate an indenture contract of the longest duration?
a. a 13 year-old illiterate male who went to New York b. a 22 year-old female weaver who went to Massachusetts c. a 20 year-old male unskilled worker who went to the West Indies d. a 21 year-old male blacksmith who went to the Pennsylvania
Scarcity is a problem in economics because it means that
a. all economies will be poor b. we cannot produce all the goods we want c. consumers will not be able to consume all of the goods that producers have the capacity to produce d. we cannot produce all the food we would want e. the economy cannot improve its peoples' standard of living
Because GDP does not fully account for improvements in the quality of goods,
a. the inflation rate is understated and real GDP is overstated. b. the inflation rate is overstated and real GDP is understated. c. both the inflation rate and real GDP are overstated. d. both the inflation rate and real GDP are understated.
If the simple quantity theory of money predicts well, what would we expect to see (in the real world)?
A) changes in the money supply strongly correlated with changes in interest rates B) changes in the money supply strongly correlated with changes in inflation rates C) changes in Real GDP strongly correlated with changes in the money supply D) changes in velocity strongly correlated with changes in the money supply E) none of the above