Competitive market equilibrium
A. implies that quantity demanded is sufficiently larger than quantity supplied.
B. implies that quantity supplied is sufficiently larger than quantity demanded.
C. is determined by the intersection of the excess demand and excess supply curves.
D. is determined by the intersection of the market demand and supply curves.
Answer: D
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Suppose a Boeing 777 is sold to a Chinese company for $250 million and resells it to a Hong Kong airline for $251 million. GDP will count this as
A. $251 million. B. nothing. C. $451 million. D. $250 million.
Which of the following is an explicit cost?
a. The wages a firm pays to its workers b. The opportunity cost of an owner/entrepreneur's time invested in the firm c. The opportunity cost of the money the business owner/entrepreneur has invested in the firm d. The price of the business owner's/entrepreneur's land used for constructing a factory and a warehouse.
Suppose the domestic supply (QSU.S) and demand (QDU.S) for skateboards in the United States is represented by the following set of equations:QS = -60 + 3PQD = 390 - 2PIn the absence of international trade in skateboards, what will be the equilibrium price of skateboards in the United States?
A. $66 B. $150 C. $45 D. $90
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206In year 4, nominal GDP would be:
A. $60. B. $316. C. $90. D. $120.