A good approximation of a country's standard of living is per capita GDP, which is population divided by real GDP.
Answer the following statement true (T) or false (F)
False
A good approximation of a country's standard of living is per capita GDP, which is real GDP divided by population.
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An effluent fee is an example of
A) a government policy to correct for an external benefit. B) a government policy to promote the production of a product with an external cost. C) a government policy to promote the production of a product with an external benefit. D) a government policy to correct for an external cost.
Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from certain OPEC countries) of the 1970s on the U.S.?
a. A leftward shift of the long-run aggregate supply curve b. A rightward shift of the long-run aggregate supply curve c. A leftward shift of the aggregate demand curve d. A rightward shift of the aggregate demand curve e. A rightward movement along a given aggregate demand curve
One difference between the short run and the long run is that perfectly competitive firms:
A. always earn positive economic profit in the short run, but never in the long run. B. can earn positive, negative, or zero economic profit in the short run, but will earn zero economic profit in the long run. C. earn zero economic profit in the short run, but will earn positive economic profit in the long run. D. always earn more economic profit in the long run.
The opportunity cost of something you decide to get is
A) all the possible alternatives that you give up to get it. B) the highest valued alternative you give up to get it. C) the value of the item minus the cost you paid for it. D) the amount of money you pay to get it.