Short-run equilibrium output is where the level of output:
A. equals aggregate expenditure.
B. equals real GDP per capita.
C. equals potential output.
D. maximizes firm profits.
Answer: A
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In 2015, the Educational Testing Service (ETS) charged $52.50 to take the Scholastic Aptitude Test (SAT) but $195 to take the Graduate Record Exam (GRE). One reason for this difference in price is
A) the GRE is a longer test with more questions. B) more people took the SAT than the GRE in 2015. C) an average, those who take the GRE have higher incomes than those who take the SAT. D) the ETS faces competition in the market for the SAT but no competition for the GRE.
The majority of dollars spent by government prior to the Great Depression was spending at the ________. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________
A) federal level; state and local levels B) local level; state level C) state and local levels; federal level D) state and local levels; state level
The "Sonny Bono" Copyright Term Extension Act extended the copyright terms in the U.S. by 20 years. In addition, the act was applied to already existing copyrights
a. Discuss the advantages and/or disadvantages in terms of efficiency and monopoly power from the extension of the lifespan of new copyrights. In theory, what determines the optimal term of a copyright? b. Discuss the advantages and/or disadvantages in terms of efficiency and monopoly power from the extension of the lifespan of existing copyrights.
Refer to the information provided in Table 33.4 below to answer the question(s) that follow. Table 33.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 33.4. The opportunity cost of producing a case of beer in Germany is
A. four times as much as that in Chile. B. half as much as that in Chile. C. twice as much as that in Chile. D. the same as that in Chile.