Refer to Table 10.1. Equilibrium real GDP for this economy is equal to
A) $5.75 billion.
B) $12 billion.
C) $23 billion.
D) $46 billion.
C
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An externality is the impact of
a. society's decisions on the well-being of society. b. a person's actions on that person's well-being. c. one person's actions on the well-being of a bystander. d. society's decisions on the poorest person in the society.
When the consumer price index increases, the value of your money has _____. According to the quantity theory of money this is caused by an increase in the _____
Fill in the blank(s) with correct word
When the euro ______ in value compared to the U.S. dollar this means that the U.S. dollar ______ in value compared to the euro.
a. increases; increases b. depreciates; appreciates c. appreciates; increases d. depreciates; depreciates
Allocative efficiency means which of the following?
a. Producing at the lowest cost b. Producing without waste c. Producing what consumers prefer d. Producing what sellers prefer