The word "monopolistic" in the label "monopolistic competition" refers to the fact that:
A. there is only one firm producing in the market.
B. firms have no control over the price they charge.
C. each firm produces a slightly different version of the product.
D. None of these
Answer: C
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If the economy grew at 7 percent from 2015 to 2016 and real GDP was 400 in 2015, what was real GDP in 2016?
A) 393 B) 400 C) 407 D) 428
In order for a Pigouvian subsidy to be efficient, the amount it costs the government to implement the subsidy must be less than the economic value of the additional externality benefits created by the subsidy.
Answer the following statement true (T) or false (F)
When examining the growth record of any nation
A) all that must be examined is increases in per capital real GDP. B) no consideration should be given to the change in the average amount of leisure time in the nation. C) increases in per capita real GDP must be considered along with how far the production possibilities curve has shifted. D) we must consider which income groups have benefited most from the growth.
In making a cost-benefit analysis of whether to purchase a parking permit for on-campus parking, the benefit of buying a parking permit includes:
a. the time saved by not having to look for parking on the street. b. the ability to pay the price of the parking permit. c. the need of the student body to support campus policies. d. the cost of gasoline burned on the way to school.