If P were 7 and Q were 1,200, how much would MV be?
What will be an ideal response?
$8,400
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GDP in an economy is $11,050 billion. Consumer expenditures are $7,735 billion, government purchases are $1,989 billion, and gross investment is $1,410 billion. Net exports must be ________.
A. $53 billion B. ? $161 billion C. ? $84 billion D. ? $47 billion
Because of the kind of externalities that tend to be generated from general R&D resources bought by firms, the equilibrium price of R&D
A) is above the optimal level, and quantity is below the optimal level. B) is below the optimal level, and quantity is above the optimal level. C) and quantity of R&D are both above the optimal level. D) and quantity of R&D are both below the optimal level. E) must fall in order for the market to reach equilibrium.
Allocative efficiency occurs in markets when
a. marginal benefit and marginal cost for the last unit sold are equal b. resources can be reallocated to increase the value of total output c. goods are produced at the minimum of average total cost d. goods are distributed evenly among consumers e. government establishes price ceilings below the market price
Voluntary agreements may not be a feasible method to internalize an externality when
A. the dollar value of the externality is large. B. there are significant transaction costs. C. the externality is negative rather than positive. D. there are high taxes on the firms that cause the externalities.