Oil found in Alaska is an example of
A) physical capital.
B) land or natural resource.
C) human capital.
D) labor.
B
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Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P = 250 - 20Q, where P is the price (in cents per bottle) and Q is the quantity demanded (in hundreds of bottles).
(i) Suppose the two firms form a successful cartel. How much bottled water will the firms produce, and what price will they charge? (ii) Suppose the firms behave as in the Bertrand model of oligopoly. How much bottled water will the firms produce, and what price will they charge? (iii) Suppose the firms behave as in the Cournot model of oligopoly. How much bottled water will the firms produce, and what price will they charge?
Lower interest rates cause the velocity of M1 to
A) turn negative. B) move erratically. C) increase. D) decline.
Economies of scale
A. require inputs’ MPP to fall as output increases (everything else equal). B. pertain to the long run only. C. refer to increased output generalized by an increase in the quantity of a single input. D. imply that the AC curve will fall continuously as output increases in the short run.
Those who favor active policy making argue that all of the following exist EXCEPT
A) perfectly flexible wages and prices. B) inflation and unemployment are stable in the short run and predictable in the long run. C) pure competition is not typical. D) aggregate demand shocks can influence real GDP and unemployment.