The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as
a. opportunity costs.
b. marginal effects.
c. secondary effects.
d. scarcity constraints.
C
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If an economy produced 60 pounds of sushi at $12 per pound and 15 gallons of sake at $30 per gallon, the total value of these goods and services would be
A) $450. B) $720. C) $1,170. D) $2,700.
Suppose that a sporting goods store had $800 of golf balls on its shelves at the beginning of 2016 and $1,300 at the end of 2016. The amount of inventory investment included in GDP would be
A) $500. B) $800. C) $1,300. D) $2,100.
In a long-run equilibrium in a monopolistically competitive industry that produces information products, revenues are equal to the ________ costs of developing, producing, and selling the product
A) total B) fixed C) variable D) marginal
If a regulatory commission sets the regulated price equal to marginal cost for a natural monopoly:
a. losses will result. b. government subsidies will be unnecessary. c. the firm will earn economic profits. d. new firms will want to enter. e. resource use will not be optimal.