Based on the table above which shows Chip's costs, if Chip shuts down in the short run, his total cost will be
A) $0.
B) $1,000.
C) $1,200.
D) $4,000.
B
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The value of every monetary transaction in the economy would be included in
a. GDP. b. potential GDP. c. personal income. d. national income. e. None of the above.
The idea that expectations can affect the velocity of money is a critical factor in understanding
a. the Keynesian view of the quantity theory of money b. the classical view of the quantity theory of money c. the monetarist view of the quantity theory of money d. why GDP must increase when the price level increases e. why price changes cause inflation
Figure 11-6
The profit-maximizing monopolist in Figure 11-6 will sell its output at
A. P1. B. P2. C. P3. D. P4.
Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for soccer balls causes the price of soccer balls to increase by 20%, then the quantity supplied of soccer balls will increase by about
a. 0.67% in the short run and 0.17% in the long run. b. 3% in the short run and 1.2% in the long run. c. 6% in the short run and 24% in the long run. d. 66.7% in the short run and 16.7% in the long run.