Suppose that Year 2 is the base year. The CPI for Year 1 is approximately
A) 80.0.
B) 90.0.
C) 100.0.
D) 120.0.
A
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In comparing the magnitudes of the components of GDP according to the expenditure approach, we see that in the United States
A) government expenditure on goods and services is the largest category. B) investment is the largest category. C) investment is much larger than government expenditure on goods and services. D) investment is less than government expenditure on goods and services. E) investment, government expenditure on goods and services, and consumption expenditure are all about the same size.
The costs of many environmental regulations can be calculated in dollars but the benefits often are in terms of lives saved (mortality) or decreases in the incidence of a particular disease (morbidity)
What does this imply about the cost-benefit analysis of environmental regulations? There is an old saying "You can't put a price on a human life." Do you agree or disagree? Explain.
A market that has no barriers to entry and many small firms selling products that are slightly different from one another is best described as:
A. monopolistic competition. B. monopoly. C. perfect competition. D. oligopoly.
Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
At this monopolist's profit-maximizing level of output, its total revenue equals the area:
A. 0HNC. B. 0FJB. C. ELJB. D. 0FLE.