A government fulfills a protective function when it
What will be an ideal response?
prevents illegal seizure of private property.
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According to the above table, the marginal propensity to consume is
A) 0.8. B) 0.75. C) 0.5. D) 0.6.
If nominal GDP is $6.0 trillion and the quantity of money is $1.5 trillion, then the
A) velocity of circulation is 4. B) price level is 4.00. C) price level is 120. D) price level is 110. E) velocity of circulation is 10.
Consider a perfectly competitive firm whose minimum average total cost is $100 . This firm is representative of all the firms in the market. If the market price is $80, then in the long run
a. new, more-efficient firms will be attracted into the industry b. market supply will fall c. the firm's average revenue will fall d. all the firms currently operating will increase output e. total market output will rise
In recent years, people have benefited from greater amounts of leisure time. This trend
a. has caused GDP to rise. b. has caused GDP to fall. c. made GDP fluctuate randomly d. is not accounted for in GDP.