A local public good
A. only benefits members of a particular community.
B. gives higher benefits than regular public goods.
C. requires unanimous voting.
D. has become an integral part of the federal government.
A. only benefits members of a particular community.
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Use the figure above to answer this question. Consider a perfectly competitive firm in a short run equilibrium. Figure ________ shows a firm in bad times because the firm produces ________ units and makes a(n) ________
A) A; 100; economic loss B) A; 110; economic loss C) B; 90; economic profit D) C; 100; economic loss E) C; 100; normal profit
Refer to Figure 9.2. At price 0H and quantity Q1, producer surplus is the area
A) 0ABQ1. B) 0EDQ1. C) AHB. D) 0FGQ1. E) none of the above
The formula for finding the present value of an amount M that will be received one year from now, when the interest rate is R, is
A) M × (1 + R/100). B) M × (1 + R). C) M / (1 + R). D) M / R. E) M / (100R).
In the aggregate demand-aggregate supply model, an increase in the price level will
a. increase money demand, raise the interest rate, reduce aggregate expenditure, and decrease equilibrium real GDP b. decrease money demand, lower the interest rate, increase aggregate expenditure, and increase real GDP c. increase the money supply, lower the interest rate, increase aggregate expenditure, and increase real GDP d. decrease the money supply, raise the interest rate, reduce aggregate expenditure, and decrease real GDP e. not change money supply, money demand or the interest rate, but will shift the aggregate demand curve to the right