Comparisons of economic activity over time should be made using:
A. nominal GDP per capita.
B. current-dollar GDP.
C. real GDP.
D. nominal GDP adjusted for unemployment.
Answer: C
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Which best describes the relationship between the cost of acquiring information and return?
A) A high return must compensate for a high cost of acquiring information. B) A higher cost of information corresponds with a low return. C) A low cost of acquiring information corresponds with a high return. D) A higher return results in a lower cost of acquiring information.
Suppose a consumer advocacy group has convinced legislators that vitamin pills should be free to consumers. Such a policy would enhance the health of the citizenry, they argue
Assuming a downward-sloping linear demand curve and a horizontal long-run supply curve, determine the resulting output and social welfare from such a policy. Compare this result to the competitive equilibrium.
What is the relationship between marginal cost and marginal product?
a. The two are not related. b. When marginal product increases, marginal cost increases. c. When marginal product increases, marginal cost falls. d. When marginal product is negative, marginal costs are negative. e. When diminishing marginal returns set in, marginal costs fall.
In 1973 and 1979, the U.S. federal government imposed price ceilings on gasoline which resulted in surpluses of gasoline
Indicate whether the statement is true or false