Assume an economy produces only hamburgers and hot dogs and the base year is 2016. Quantities ProducedPrices?2016201720162017Hamburgers2,0003,000$2$3.00Hot dogs3,0004,000$1$1.50Given the data in the table above, what is the value of real GDP in 2017?
A. $ 7,000
B. $10,000
C. $10,500
D. $ 5,000
Answer: B
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Which of the following is a barrier to entry for a monopoly?
A) a patent B) severe diseconomies of scale C) close substitutes for the good or service exist D) All of the above answers are correct.
A contractionary monetary policy decreases net exports by ________ interest rates and ________ the value of the dollar
A) lowering real; decreasing B) lowering real; increasing C) raising nominal; increasing D) raising real; increasing
Market economies produce only a few relatively minor defects.
Answer the following statement true (T) or false (F)
A perfectly elastic long-run supply curve indicates
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) that some input prices change as firms enter and exit the industry.