The ________ broadly a market is defined, the more difficult it becomes to find ________.
A. more; substitutes
B. less; goods independent of each other
C. more; complements
D. less; substitutes
Answer: A
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For an economy starting at full employment real GDP, an increase in autonomous expenditure results in a(n)
A. increase in full-employment output. B. decrease in full-employment output. C. recessionary output gap. D. inflationary output gap.
An aggregate production function shows the relationship between
A) real GDP and leisure. B) real GDP and the quantity of labor employed. C) leisure and unemployment. D) real GDP and unemployment.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is the difference in the deadweight loss compared to a monopoly in this market?
A. A monopoly would create $6,666.67 more deadweight loss B. A monopoly would create $6,666.67 less deadweight loss C. A monopoly would create $5,555.56 more deadweight loss D. A monopoly would create $5,555.56 less deadweight loss
If the price of golf balls increases, what will likely happen to the demand for golf club manufacturing employees?
A. It will stay the same. B. It will increase. C. It will decrease. D. Nothing, the two are not related.