Refer to Figure 9.1. The firm's profit stays the same whether it produces:
A. 0 or 50 units of output.
B. 50 or 85 units of output.
C. 0 or 85 units of output.
D. 0, 50 or 85 units of output.
C. 0 or 85 units of output.
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The Strong Coase Theroem states that in the absence of transaction costs, the assignment of property rights
a. has a negative effect on how resources are allocated. b. has a positive effect on how resources are allocated. c. has no effect on how resources are allocated. d. does not affect the efficiency of how resources are allocated.
Research shows that when exchange rates are more volatile, the price differentials are ____ and the convergence is _____.
A) smaller; faster B) smaller; slower C) larger; slower D) larger; faster
If taxes depend on income, then the magnitude of the government spending multiplier ________ it would be if taxes were a lump-sum amount.
A. is larger than B. is equal to what C. could be either larger than or smaller than D. is smaller than
Gordon is a person who sells narcotics "on the street." This type of illegal activity:
A. Would be considered double counting in calculating GDP B. Is estimated and included in GDP figures C. Is excluded from GDP figures D. Causes GDP to be overstated