Given the information in the table shown, what is the average revenue when 24 units are produced?
This table shows price and quantity produced for a single firm in a perfectly competitive market.
A. $240
B. $10
C. $24
D. $2.40
B. $10
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To determine whether the goal of stable prices is being achieved, the Federal Reserve monitors the ________; to determine whether the goal of maximum employment is being achieved, the Federal Reserve monitors ________
A) GDP price deflator; real GDP B) core PCE deflator inflation rate; the output gap C) core CPI inflation rate; the natural unemployment rate D) CPI; the gap between nominal GDP and real GDP E) core GDP deflator inflation rate; the natural unemployment rate
When the competitive market is using its resources efficiently, the
A) total amount of consumer surplus is maximized. B) total amount of producer surplus is maximized. C) sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized. D) sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.
Since the velocity of money increases as interest rates rise the
A) LM curve is negatively sloped. B) IS curve is negatively sloped. C) LM curve is positively sloped. D) IS curve is positively sloped.
RBC theorists claim that adverse supply shocks can take forms other than rising raw materials prices. One such shock comes from government policy:
A) reductions in government expenditure. B) increases in tax rates. C) more rigorous environmental regulation. D) reductions in the money growth rate.