The market value of all final goods and services in an economy produced by resources owned by people of that economy is:
a. personal income.
b. national income.
c. capital income.
d. gross national product.
e. gross domestic product.
e
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The above figure shows the U.S. market for replacement cell phone batteries. Area A + area E is the
A) consumer surplus when there is a tariff. B) producer surplus when there is a tariff. C) tariff revenue. D) increase in producer surplus due to the tariff. E) gain in total surplus due to the tariff.
The most profitable output level can be found by looking at which two curves?
a. P and MR. b. MR and MC. c. MC and TC. d. P and AVC. e. AVC and ATC.
The real interest rate is:
A. adjusted for inflation. B. the reported interest rate, not adjusted for inflation. C. the interest rate paid to savers. D. the interest rate charged to borrowers.
If the money supply in the economy were at MS3, to engage in expansionary policy the Federal Reserve Bank would use open market operation to move money supply to:
A. MS2 B. MS1 C. it would stay at MS3 D. MS4