What is measured on the vertical axis of the aggregate demand/aggregate supply model?
A) real Gross Domestic Product (GDP)
B) nominal income
C) the price level
D) the interest rate
C
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From the manager's perspective:
A) it is important to treat implicit costs as explicit in order to make sound strategic decisions. B) implicit costs are simply a theoretical construct and should be ignored in the decision-making process. C) only explicit costs matter because accounting profit is based on explicit costs. D) there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.
Models must
A) be able to yield useable predictions. B) be totally realistic in every detail. C) be a complete reproduction of the real world. D) include every relationship that exists.
Answer the following statement(s) true (T) or false (F)
1. The federal grant program may have created an incentive for over-building of POTWs and a disincentive for cost-minimization. 2. The Nonpoint Source Management Program was enacted under the Water Quality Act of 1987 as a three-stage plan to be implemented at the state level. 3. According to the text application, mercury contamination is relatively easy to control because mercury emissions tend to remain close to the polluting source. 4. In the United States, the greatest proportion of resources and funding has been allocated to nonpoint source pollution. 5. Delegating control of nonpoint source pollution to the states can be advantageous because runoff is affected by factors that vary considerably, making uniform controls at the federal level ineffective and difficult to implement.
A monopolist produces where P > MC = MR
a. True b. False Indicate whether the statement is true or false