Suppose velocity = 5, money supply = $200, and price = 2. What is the value of real GDP?
A) $10
B) $40
C) $400
D) $500
Ans: D) $500
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Refer to Table 13-1. What portion of the marginal revenue of the 5th unit is due to the output effect and what portion is due to the price effect?
A) output effect = $1.50; price effect = $2.00 B) output effect = $5.50; price effect = -$2.00 C) output effect = $3.00; price effect = $0.50 D) output effect = $4.00; price effect = -$0.50
If all of a monopolist's costs are fixed costs, it will produce where demand is unit elastic
a. True b. False
How is the short-run supply curve of a perfectly competitive market different from the long-run supply curve?
If Brazil can produce 5 shirts or 4 pounds of beef in a day, and Uruguay can produce 10 shirts or 2 pounds of beef in a day, then Brazil has a comparative advantage in the production of beef
a. True b. False Indicate whether the statement is true or false