Information goods such as a music video have an L-shaped average cost curve.
Answer the following statement true (T) or false (F)
True
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When prices are allowed to fluctuate after a crisis, such as Hurricane Katrina, the high prices
A) provide information to suppliers about where goods and services are most highly desired. B) are evidence of price gouging. C) justify government intervention. D) All of the above.
If the nominal gross domestic product (GDP) for the year 2000 was $6.2 trillion and the price index was 200, the real gross domestic product (GDP) for 2000 was _____
a. $3.1 trillion b. $6.2 trillion c. $12.4 trillion d. $18.6 trillion e. $24.3 trillion
Figure 3.5 illustrates the supply of tacos. A decrease in the supply of tacos is represented by a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.
An example of an external cost of alcohol is the
A. emotional costs to the families of alcoholics. B. cost to alcoholics of going to rehabilitation clinics. C. cost to bars of hiring janitors to clean up after their customers. D. cost of producing whiskey.