Refer to the figure above. Social welfare will be maximized if ________ units of Good Y are produced
A) 9 million
B) 20 million
C) 13 million
D) 16 million
D
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If short-run equilibrium output equals 10,000, the income-expenditure multiplier equals 10, and potential output (Y*) equals 9,000, then government purchases must ________ to eliminate any output gap.
A. decrease by 100 B. decrease by 1,000 C. increase by 1,000 D. increase by 100
Use the following table to answer the next question.Labor Compensation (Wages and Benefits)$9,560 billionProprietors' Income$615 billionNet Interest$1,024 billionCorporate Profits$2,049 billionRent$409 billionWhat is the value of national income?
A. $13,248 billion B. $13,042 billion C. $13,657 billion D. $12,427 billion
If nation-states are able to extend effective control over ocean resources from 3 miles to 200 miles off their coasts, valuable marine animals are more likely to be harvested
A) at a rate consistent with their long-run preservation. B) at a rate inconsistent with their long-run preservation. C) too rapidly for maximum net benefit. D) too slowly for maximum net benefit. E) up to the point of extinction.
If there is instability in the demand for commodities,
A) a monetary policy of fixed interest rates will perform better than a policy of holding the real money supply fixed. B) a countercyclical money-supply policy will cause large swings in interest rates. C) a fixed money supply policy will perform better than countercyclical changes in money supply. D) a fixed money supply policy will stabilize interest rates.