Refer to the diagram for a private closed economy. The equilibrium GDP is:
A. $60 billion.
B. $180 billion.
C. between $60 and $180 billion.
D. $60 billion at all levels of GDP.
B. $180 billion.
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If the price index is now 120, it means:
a. prices are 120 percent higher than in the base year. b. prices are 20 percent higher than in the base year. c. prices are 1.2 percent higher than in the base year. d. nominal GDP will be less than real GDP.
Ninety percent of spending on education happens at the ______________ level.
a. federal b. federal and state c. state d. state and local
Global warming refers to the effect of global pollutants such as carbon dioxide on climates on the earth. Climate-induced changes in temperatures affect, among other things, agriculture
Which of the following is a reason why policymakers are still debating if this problem should be addressed and how it should be addressed? A) There is much disagreement about all aspects of the problem: how much carbon emissions contribute to damage from climate change which in turn determines the benefits from reduction, and what methods to use which in turn determines the cost of reduction. B) Scientists agree about the damage caused by carbon emissions but disagree about the methods of reducing emissions. C) The marginal cost of reducing carbon emissions is known with certainly but the marginal benefit from reduction is not known with certainty. D) The marginal cost of reducing carbon emissions is not known with certainly but the marginal benefit from reduction is known with certainty.
The market structure called monopolistic competition is named using both monopoly and perfect competition. Why?
a. There are few firms in the market all producing identical products. b. There is just one firm whose product can be easily differentiated. c. There are a huge number of firms selling identical products at the same price. d. There are many firms with easy entry and exit but each firm sells a unique product. e. Firms spend very little on advertising and promotion and thus are price takers.