Which of the following is included in G?
A) medicare
B) social security payments
C) interest payments on the government debt
D) government purchases
E) all of the above
D
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Answer the following statement(s) true (T) or false (F)
1. When a two-part tariff is perfectly implemented, the monopoly charges a price that is greater than its marginal cost. 2. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity. 3. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output. 4. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit. 5. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate.
To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A) 8 B) 15 C) 112 D) 960
Refer to Figure 5-6. Why is there a deadweight loss?
A) because the marginal private cost for each additional unit between Q1 and Q2 exceeds the marginal private benefit B) because the marginal private benefit for each additional unit between Q1 and Q2 exceeds the marginal cost C) because the marginal social cost for each additional unit between Q1 and Q2 exceeds the marginal social benefit D) because the marginal social benefit for each additional unit between Q1 and Q2 exceeds the marginal cost
In short-run equilibrium, it is always true that
A) quantity demanded of Real GDP = quantity supplied of Real GDP = Natural Real GDP. B) quantity demanded of Real GDP > quantity supplied of Real GDP. C) quantity demanded of Real GDP = quantity supplied of Real GDP. D) a and b E) There is not enough information to answer the question.