Profit (or loss) per unit at the profit maximizing (or loss minimizing) level of output
A. is SF.
B. is SG.
C. is TH.
D. is GF.
D. is GF.
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When did the United States suffer hyperinflation?
A) Revolutionary War B) War of 1812 C) World War II D) Korean War
"Happy birthday to you, happy birthday to you . . .". You get a birthday gift of $10 from Auntie Diane and you rush out to buy a T-Shirt. According to GDP accounting, the $10 is a(n)
a. consumption expenditure b. investment expenditure c. income payment d. transfer payment e. royalty
At the most basic level, the distinguishing characteristic of government that makes it different from private firms is its ability to
a. use coercive force against adults to modify their behavior or force them to pay for a good or service. b. direct resources in a manner that serves the public interest rather than the private interest of individuals. c. produce goods and services that people value. d. escape the constraints imposed by scarcity.
If you wanted to measure whether the output of an economy was increasing or decreasing across time periods, you would use the real GDP data rather than the nominal GDP data because
a. exports are excluded from real GDP but not nominal. b. real GDP incorporates the impact of federal budget deficits and surpluses; nominal GDP does not. c. real GDP reflects the impact of transfer payments on the economy, but nominal GDP does not. d. real GDP adjusts for changes in the general level of prices, but nominal GDP does not.