The period in which at least one input is fixed in quantity is the
A. Production run.
B. Long run.
C. Short run.
D. Investment decision.
Answer: C
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When external benefits are present,
A) competitive markets are efficient. B) competitive markets are inefficient. C) a tax is required to eliminate the inefficiency. D) property rights have already been established.
Nominal GDP is output measured in ________ prices while real GDP is output measured in ________ prices
A) current; current B) current; fixed C) fixed; fixed D) fixed; current
If retailers have a resale price maintenance agreement with a manufacturer to sell the product at a minimum price of $100, this means that brick and mortar stores ________ charge a price below $100 and online retailers ________ charge a price below $100.
A) can; can B) cannot; can C) cannot; cannot D) can; cannot
The following table shows the percentage of income received by quintile. In the graph below, draw a Lorenz curve using the before taxes and transfer data and a Lorenz curve for the after taxes and transfer data. Label the Lorenz curves and each axis of
the graph.
