Which of the following best describes "the value of a statistical life"?
A. The monetary value treated as the cost of an additional death from pollution
B. The cost to society of an average person's lifetime consumption
C. The total monetary value of a person's current income and expected future income
D. The price society would pay, on average, to avoid a certain death
Answer: D
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The money multiplier is equal to
A) the government spending multiplier. B) 1/(reserve ratio). C) the marginal propensity to consume. D) the reserve ratio.
In the above figure, if the single-price monopolist charges a price that maximizes its profits, consumer surplus is
A) area hacd. B) area bac. C) area jae. D) area jbce.
We can represent the entry of new firms into a monopolistically competitive market by shifting the existing firms':
a. demand curves downward. b. demand curves upward. c. demand curves more inelastic. d. cost curves upward. e. cost curves downward.
According to Keynesians, an increase in the money supply will have its least impact on GDP and the greatest impact on the price level when the aggregate demand curve intersects
a. the horizontal portion of the aggregate supply curve b. the vertical portion of the aggregate supply curve c. the upward sloping portion of the aggregate supply curve d. either the horizontal or upward sloping portion of the aggregate supply curve e. either the horizontal or upward sloping portion of the aggregate supply curve