In order to estimate the current annual GDP, economists:
A. multiply the quarterly estimate by four.
B. take an average of the last four quarters measured.
C. adjust quarterly GDP estimates to account for seasonal patterns.
D. adjust it for changes in price level.
Answer: C
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Refer to Table 2-10. What is Fred's opportunity cost of making a unicycle?
A) 1/3 of a pogo stick B) 1/2 of a unicycle C) 3 pogo sticks D) 1.3 pogo sticks
Diseconomies of scale at the firm level occur
a. wherever the firm's long-run average cost curve is horizontal b. wherever the firm's long-run total cost curve is horizontal c. where marginal cost equals marginal revenue d. if a firm becomes "too large" e. if any of the firm's plants becomes "too large"
Two countries will choose to specialize and trade only if:
A. the terms of trade fall between their opportunity costs for producing the goods on their own. B. the opportunity costs are the same for the two nations. C. one country possesses the absolute advantage in both goods, but the comparative advantage in only one good. D. the opportunity costs are astronomically high for producing the goods on their own.
A lender faces a(n) ________ problem when the lender lends funds to a borrower for a specific purpose and the borrower then opportunistically uses the funds for another purpose.
A. moral hazard B. external cost C. free?rider D. adverse selection