The table gives data for a private closed economy. If gross investment is $12 billion, the equilibrium level of GDP will be
A. $380.
B. $370.
C. $360.
D. $350.
Ans: C. $360.
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Price discrimination
A) eliminates the producer surplus. B) turns consumer surplus into producer surplus. C) decreases output below the profit-maximizing level. D) lowers a monopoly's economic profit.
An effective rent control will
A) lead to a surplus of housing units. B) keep rents below the competitive market level. C) keep rents above the competitive market level. D) be set at the price where quantity supplied equals quantity demanded.
When it is said that trade between nations can make both sides of the trade better off, this means that all citizens in each nation will benefit
a. True b. False Indicate whether the statement is true or false
Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y produced in Country A and Country B per labor hour. The number of labor hours required to produce one unit of Good Y in Country B is ProductivityCountry ACountry BGood X1.000.50Good Y0.200.70
A. 0.5. B. 1.43. C. 1. D. 2.