Increases in real GDP since 1900 can actually underestimate growth in the standard of living for Americans since 1900 because
A) the level of pollution in 1900 was much higher than it is today.
B) the crime rate was higher in 1900 than it is today.
C) goods and services are more expensive today as compared to 1900.
D) the quality of health care that exists today was not available in 1900.
Answer: D
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When the Fed engages in an open market purchase, the money supply ________ and the nominal interest rate ________.
A. increases; increases B. decreases; increases D decreases; decreases C. increases; decreases
In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
A) the firm would earn an economic profit. B) the firm would earn enough revenue to cover its variable costs, but not its fixed costs. C) the firm would break even. D) the firm would shut down temporarily.
Suppose that Lady Gaga sells 1,000 tickets to a concerts at $480 each
If the equilibrium price is $600 per ticket for a fixed supply of 1,000 tickets, what is the value of the additional economic rent that Lady Gaga could earn if she charged the market clearing price? A) $1,080,000 B) $120,000 C) $600,000 D) $480,000
A market is competitive if (i) firms have the flexibility to price their own product. (ii) each buyer is small compared to the market. (iii) each seller is small compared to the market
a. (i) and (ii) only b. (i) and (iii) only c. (ii) and (iii) only d. (i), (ii), and (iii)