In the United States over the past fifty years, the fraction of GNP devoted to consumption has fluctuated in a range of about
A) 42 to 49 percent.
B) 32 to 39 percent.
C) 22 to 29 percent.
D) 82 to 89 percent.
E) 62 to 70 percent.
E
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A profit-maximizing firm will base its supply decisions on its marginal:
a. private cost. b. social cost. c. external cost. d. transactions cost.
The velocity of money is the
a. rate at which the price index for consumer goods rises. b. multiple by which an increase in government expenditures will cause output to expand. c. average number of times a dollar is used to buy goods and services included in GDP. d. number of times a dollar is taken out of the country during a year.
At the market clearing price
A. the supply and demand curves intersect. B. there is neither a shortage nor a surplus. C. quantity supplied equals quantity demanded. D. all of these are correct.
An effluent fee is a
A) subsidy given to the producer of a positive externality. B) charge to a polluter that gives the right to discharge pollution into the air. C) fine imposed on a polluter for dumping illegal pollution. D) charge for a public good.