Which of the following transactions would be included in this year's GDP for the United States?
a. You buy a rug imported from Mexico.
b. You buy stock in an American textile company.
c. You purchase a table over the Internet from a North Carolina furniture manufacturer.
d. You purchase a table over the Internet from a Mexican manufacturer.
C
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Which of the following is an example of an externality that has been internalized?
A. Acid rain, originating in the United States, destroys Canadian forests. B. Robert Frost breathes the air that has been polluted by the emissions of a nearby steel plant. C. Erica Evans, a beekeeper, decides to keep more bees because her neighbor, an orchard owner, has agreed to compensate her for the bees' pollination of the orchard. D. Miguel Sanchez, a concert pianist, rehearses Beethoven's "Moonlight Sonata" and his neighbors enjoy the "free concert." E. all of the above
A foreign exchange intervention with an offsetting open market operation that leaves the monetary base unchanged is called
A) an unsterilized foreign exchange intervention. B) a sterilized foreign exchange intervention. C) an exchange rate feedback rule. D) a money neutral foreign exchange intervention.
If price is set equal to marginal cost when marginal cost is below ATC, the firm will suffer a loss
Indicate whether the statement is true or false
Which of the following offers the best reason why restaurants are not considered to be perfectly competitive firms?
A) Restaurants do not sell identical products. B) Restaurants compete in small market areas—neighborhoods and cities—rather than in regional or national markets. Therefore, restaurants are not small relative to their market size. C) Restaurants usually have entry barriers in the form of zoning restrictions and health regulations. D) Restaurants have significant liability costs that perfectly competitive firms do not have; for example, customers may sue if they suffer from food poisoning.