Refer to the scenario above. This implies that the country experienced a ________ during that year
A) trade deficit B) budgetary surplus C) budgetary deficit D) trade surplus
A
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For any monopolist with a positive marginal cost of production, its demand curve at its profit maximizing level: a. would be elastic
b. would be unit elastic. c. would be inelastic. d. could be either elastic or inelastic.
When the supply of a good increases and its demand decreases by the same amount: a. Price will change in the same direction as the shift in supply
b. Price will change in the same direction as the shift in demand. c. Quantity exchanged will change in the same direction as the shift in supply. d. Quantity exchanged will change in the same direction as the shift in demand.
If real GDP was 100 in 2015 and 104.4 in 2016, the growth rate of real GDP between 2015 and 2016 was:
A. 2.2 percent. B. 4.4 percent. C. 100 percent. D. 102.2 percent.
Table 17.1Refer to Table 17.1. If the price of output is $2 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________.
A. $40; $50 B. $50; $90 C. $80; $100 D. $320; $500