Suppose you have data on durable goods, nondurable goods, fixed investment, government purchases, exports, and imports. Can you compute GDP?
A) No, since data on services and profits are missing.
B) No, since data on inventory investment and profits are missing.
C) No, since data on inventory investment and services are missing.
D) No, since data on services and dividends are missing.
E) Yes, all of the necessary components of GDP are given.
C
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Japan, Singapore, and Taiwan have all:
A. had success with import substitution policy. B. imitated South Korea's export-led growth policy and failed. C. imitated South Korea's import substitution policy and failed. D. had success with export-led growth policy.
Macroeconomic policy is:
A. limited the most under fixed exchange rates. B. limited the most under flexible exchange rates. C. not affected by the choice of an exchange rate system. D. limited the most under partially-flexible exchange rates.
If ice cream has an absolute price elasticity of demand that is greater than 1, then the demand for ice cream is
A) elastic. B) inelastic. C) perfectly inelastic. D) unit elastic.
Use the following graph for a perfectly competitive firm to answer the next question.
At its short-run equilibrium point, the firm's
A. marginal revenue equals its average variable cost. B. marginal cost equals its average fixed cost. C. marginal revenue equals its average total cost. D. marginal cost equals its average variable cost.