By summing the dollar value of all market transactions in the economy we would:
a) determine the market value of all resources used in the production process.
b) obtain a sum substantially larger than the GDP.
c) determine value added for the economy.
d) measure GDP.
b) obtain a sum substantially larger than the GDP.
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The table shows short-run average total cost schedules for three plants of different sizes that a firm might build in the long run.Plant 1Plant 2Plant 3OutputATCOutputATCOutputATC10$1010$1510$20209201020153083073010409401040850105014509What is the long-run average total cost of producing 30 units of output?
A. $8 B. $9 C. $7 D. $10
Assume that a 50 percent gasoline tax led to a large increase in its price and only a small decrease in the quantity of gasoline demanded. Economic analysis would lead one to conclude that
A) gasoline should not be taxed because the benefits are uncertain. B) the benefits of taxing gasoline is a normative issue. Economic analysis can be used to contribute to discussion of this issue but cannot decide it. C) gasoline should be taxed because the benefits of the tax would exceed the costs. D) gasoline should not be taxed on ethical grounds since ethical benefits and costs can't be measured.
The United States has chosen to balance the competing claims of efficiency versus equality by emphasizing greater efficiency over greater equality.
Answer the following statement true (T) or false (F)
If price levels are rising rapidly and erratically, you may not commit to long term commitments because of...
What will be an ideal response?