In peak-load pricing, once capacity is reached, the firm's short-run marginal cost curve becomes ________.
A) downward sloping
B) vertical
C) negative
D) horizontal
D) horizontal
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A divisive society is a nonexcludable public _____________ because it comes with ____________.
A. good; utility B. bad; disutility C. bad; utility D. good; disutility
Which of the following is NOT a problem in following an activist policy?
A) ineffectiveness in fiscal policy B) lags in the effects of policies C) multiplier uncertainty D) forecasting errors
One problem with constructing a perfectly complete realistic economic model is that
A. it would not serve the needs of economists who builds that model. B. it would be too simplistic to have any value. C. it would be far too complicated to analyze. D. None of these is true.
If real output is $25 billion, the price level is 5, and velocity is 5, what is the stock of money?
A. $1 billion B. $10 billion C. $25 billion D. $625 billion