Everything that consumers purchase during a period is included as part of consumption when calculating GDP
a. True
b. False
B
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The figure above shows the marginal social cost curve of generating electricity and the marginal private cost curve. The marginal cost paid by the producers and everyone else in society when 200 billion kilowatt hours are produced is
A) 0¢ per kilowatt. B) 10¢ per kilowatt. C) 20¢ per kilowatt. D) 15¢ per kilowatt. E) 5¢ per kilowatt.
Suppose that Venezuela experiences significant capital outflows after a recent election. If the nation had flexible exchange rates, these flows would have had the following effect on the reserves account and monetary base
a. Reserves account would rise and monetary base would fall. b. Reserves account would not change and monetary base would not change. c. Reserves account would fall and monetary base would not change. d. Reserves account would fall and monetary base would fall. e. Reserves account would fall and monetary base would rise.
Billy's Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100 . The price for each of the 275 units sold was $95 . Total profit for Billy's Bean Bag Emporium would be
a. -$3,875. b. $26,125. c. $28,500. d. $30,000.
Which of the following would qualify as an aggregate demand shock?
A. A seasonally expected increase in oil prices B. An anticipated tax cut C. An unexpected reduction in consumer confidence D. An unexpected increase in oil prices