Which of the following is a violation of the antitrust laws?
a. A firm discussing/fixing price with its competitors
b. Making arrangements to stay out each other's markets
c. Merging with the competitor to eliminate competition
d. All of the above are violations
d
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During last year, a country produced 20,000 pizzas and 10,000 hamburgers and nothing else. The pizzas sold for $10.00 each and the hamburgers for $3.00 each. Nominal GDP was
A) $230,000. B) $70,000. C) $460,000. D) $390,000. E) $360,000.
In the intertemporal model with money, the optimal amount of money is
A) equal to total output. B) equal to consumption and investment. C) zero. D) irrelevant as long as it is not zero.
Suppose there is a market that has market demand characterized as X = 30 - P/3. Suppose further that market supply can be written as X = P/2 - 2.
(A) Find the equilibrium price and quantity in this market. (B) If a unit tax of $16 is imposed on good X, what are the equilibrium price, quantity, and tax revenue in the market? (C) Suppose an ad valorem tax of 30 percent is imposed on good X. The after-tax demand equation would be X = 30 - P/2. Now find the equilibrium price, quantity, and tax revenue in the market. (D) What can be said about the amount of tax revenue generated under each taxing scheme, and why?
All of the points inside a production possibilities frontier are ____; all of the points outside the production possibilities frontier are ____
a. efficient, inefficient b. optimal, irrational c. attainable, unattainable d. rational, zero-cost e. unattainable, efficient