Economic growth is best measured by increases in
A) per capita real Gross Domestic Product (GDP).
B) nominal personal income.
C) nominal Gross Domestic Product (GDP).
D) per capita nominal Gross Domestic Product (GDP).
A
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If variable cost at each output level doubles,
a. ATC doubles b. AFC doubles c. MC remains unchanged d. MC doubles e. MC less than doubles
When the Fed lowers the legal reserve requirement, it
a. lowers the cost of borrowing from the Fed, allowing banks to make more loans b. raises the cost of borrowing from the Fed, disallowing banks from making the same quantity of loans c. increases the amount of excess reserves that banks hold, allowing them to make more loans d. increases the amount of excess reserves that banks hold, disallowing them from making the same quantity of loans e. decreases the amount of excess reserves that banks hold, disallowing them from making the same quantity of loans
Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 2,000 units to 1,700 units. The tax decreases consumer surplus by $3,000 and decreases producer surplus by $4,400 . The deadweight loss of the tax is
a. $200. b. $400. c. $600. d. $1,200.
The United States has benefited from NAFTA substantially in terms of increased ____, which has lowered prices and given consumers more choices.
a. prices b. variety c. manufacturing jobs d. quality