All of the following are true about a monopolist except:
A. Average and marginal revenues are not the same.
B. Marginal revenue is greater than price.
C. Marginal revenue can be negative.
D. Marginal revenue decreases with increases in output.
Answer: B
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The U.S. government pays an economist at the U.S. Department of Commerce $100,000 in salary in 2013 . The economist then retires. In 2014, the government pays him $60,000 in Social Security benefits. Which of the following is correct?
a. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is included in 2014 GDP as government purchases. b. The 2013 payment is included in 2013 GDP as government purchases, but the 2014 payment is not included in 2014 GDP. c. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is included in 2014 GDP as government transfer payments. d. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is allocated to previous years' GDP according to the amount of work performed by the economist each year.
Refer to the above table. The production of this good goes through 4 different stages of production. What does the total value added equal?
A. $0.07 B. $0.32 C. $0.75 D. Cannot be computed without more information.
If the multiplier in an economy is 5, a $20 billion increase in net exports will:
A. increase GDP by $100 billion. B. reduce GDP by $4 billion. C. decrease GDP by $100 billion. D. increase GDP by $20 billion.
A healthy macroeconomy is characterized by: a. a high inflation rate
b. a high unemployment rate. c. a high standard of living. d. maximum profits for firms.