When determining an appropriate congestion tax, economists would use which of the following elements of the economic way of thinking?
A) thinking at the margin B) making assumptions
C) isolating variables D) all of the above
D
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Suppose at the current level of labor used, MRP = $100 and MFC = $100. To maximize profits, the firm should
A) hire more labor. B) reduce the level of labor. C) maintain the current level of labor. D) shut down.
Gross Domestic Product (GDP) is the total market value of all
A) final goods and services produced annually within a country's borders. B) final and intermediate goods and services produced annually within a country's borders. C) intermediate goods and services produced annually within a country's borders. D) final goods produced every month within a country's borders.
What is the GNP using the table shown? In billions of dollarsConsumption3,600Investment800Transfer payments750Government Purchases1,000Exports650Imports450Net foreign factor income?30
A. 6,220 B. 6,250 C. 5,570 D. 5,630
A shortage exists
A. at the market clearing price. B. when quantity supplied is less than quantity demanded. C. when quantity supplied is greater than quantity demanded. D. in equilibrium.