The equation for determining real GDP for year X is:
a.
b. x 100
c. - 100
d. x 100
d
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Dana's utility of wealth is 65 units at $3,000, 80 units at $5,000, and 95 units at $9,000. Starting from zero wealth, he must choose between options A and B. Option A gives him $5,000 for sure
Option B gives him $3,000 with probability 0.5 or $9,000 with probability 0.5. Dana will A) choose option A. B) choose option B. C) be indifferent between option A and option B because they have the same risk. D) be indifferent between option A and option B because they have the same expected utility.
The figure above shows the market for transportation services, which produces an external cost due to the air pollution that is created
If the market for transportation services is competitive and unregulated, the equilibrium quantity is ________ and the equilibrium price is ________. A) 120; $14 B) 120; $8 C) 80; $12 D) 80; $6
In Figure 16-1 above, the increase in gross investment lags actual sales because
A) replacement investment is not determined by actual sales. B) expected sales lag actual sales and net investment is determined by expected sales. C) actual sales lag expected sales and net investment is determined by expected sales. D) expected sales lead actual sales and net investment is determined by expected sales.
A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PIwhere P is price, M is income, and PI is the price of a key input. The forecasts for the next year are 
= $15,000 and 
I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. What is the profit-maximizing output choice for the firm?
A. 4,000 units B. 6,000 units C. 5,000 units D. 3,000 units