Refer to Table 19-11. Nominal GDP for Tyrovia in 2016 equals
A) $1,140. B) $880. C) $690. D) $560.
A
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You observe that more labor is employed and the wage rate increases. This set of events could have been the result of a
A) rightward shift of the labor demand curve. B) leftward shift of the labor supply curve. C) rightward shift of the labor supply curve. D) leftward shift of the labor demand curve.
Aggregate surplus:
A. is minimized under perfect competition. B. is the difference between consumer and producer surpluses. C. is the sum of consumer and producer surpluses. D. will never be positive in the long run.
If an economy produces final output worth $5 trillion, then the aggregate income generated by that production: a. will be $5 trillion
b. will be more than $5 trillion. c. will be $5 trillion minus taxes. d. will be less than $5 trillion. e. will be $5 trillion plus transaction costs.
Markets fail when externalities are present
a. because all of the costs and benefits of producing a good are reflected in the market price. b. because some of the costs and benefits of producing a good are not reflected in the market price. c. only if they are negative; positive externalities are not market failures. d. because profits are not maximized. e. if the positive externalities are less than the negative externalities.