The social cost of production equals
A. the external cost minus the private benefit.
B. the external cost minus the external benefit.
C. the private cost plus the external cost.
D. the social cost plus the private cost.
Answer: C. the private cost plus the external cost.
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What is the real (adjusted for inflation) present value of $104.25 that you could receive one year from now, given that the rate of interest is 4.25 percent and the anticipated rate of inflation is 1 percent?
A) $99.05 B) $100.97 C) $107.64 D) $100.00
In the United States over the past century, real GDP per person has grown by about __________ percent per year
Fill in the blank(s) with correct word
What is the name of the organization that defines business cycle peaks and troughs in the United States?
A) the Bureau of Labor Statistics B) the Federal Reserve C) the National Bureau of Economic Research D) the National Peak and Trough Committee
At the equilibrium level of real GDP, which of the following is true?
a. Unplanned inventory investment is positive. b. Unplanned inventory investment is negative. c. Aggregate output equals aggregate expenditures. d. Aggregate output plus consumption spending equals aggregate expenditures.