Refer to Figure 5-9. The private profit-maximizing output level is
A) Q1. B) Q2. C) Q3. D) Q4.
C
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Which of the following explains why fluctuations in real GDP have become less volatile in the United States since 1950?
A) Services have become a smaller fraction of GDP since the 1950s. B) Unemployment insurance and other government transfer programs are more prevalent since the 1950s. C) The government has become more reluctant to intervene when real GDP declines and unemployment rises since the 1950s. D) both B and C
If the world supply of diamonds increases, the market price of diamonds decreases, and the consumer surplus derived by diamond consumers increases
a. True b. False Indicate whether the statement is true or false
When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so by selling shares of stock
a. True b. False Indicate whether the statement is true or false
What is the effect of profits in a monopoly?
a. Society is faced with a deadweight loss equal to the profit. b. Consumer losses are offset by producer gains. c. Producer losses are offset by consumer gains. d. Society gains at the monopolist’s expense.