If users can benefit from conservation, resources will be:
A. Not be profitable
B. Extracted at a fast rate
C. Preserved for future use
D. Overused in the present and the future
C. Preserved for future use
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Which of the following is false?
a. The money supply times velocity equals the price level times real GDP b. If individuals are writing lots of checks on their checking accounts and spending currency as fast as they receive it, velocity will tend to be high. c. The magnitude of velocity does not depend on the definition of money that is used. d. Velocity equals nominal GDP divided by the money supply.
In the long-run equilibrium for a perfectly competitive market, firms will choose the level of output where
a. profit is minimized b. short-run average total cost is minimized c. long-run average total cost is minimized d. short-run profit is maximized e. long-run average fixed cost is minimized
Which of the following would be included in the consumption component of total expenditure in the United States?
a. A citizen buying a new apartment in Colorado b. A citizen paying rent for an apartment in New York c. NASA buying a new satellite launch vehicle from another country d. The U.S. government selling submarines to another country
In an open economy, the quantity demanded of TVs in the domestic market will be ________.
A. 120,000 B. 30,000 C. 90,000 D. 60,000