Nominal GDP measures
a. the total quantity of final goods and services produced.
b. the dollar value of the economy's output of final goods and services.
c. the total income received from producing final goods and services measured in constant dollars.
d. the overall level of prices.
b
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Suppose that you join a gym that charges a $250 membership fee. You also have to pay an additional $5 each time you go the gym. In this case, your sunk cost is:
A. $250. B. dependent upon the number of time you go to the gym. C. $5. D. $250 plus $5 times every visit you make to the gym.
What is the final outcome if each firm follows its dominant strategy?
a. Each firm makes a profit of $75 M.
b. Each firm makes a profit of $100 M.
c. Each firm makes a profit of $125 M.
d. Each firm makes a profit of $175 M.
From a consumer's viewpoint, which of the following policies would be least desirable?
A. Quotas on imported goods. B. Tariffs on imported goods. C. No trade. D. Free trade.
Suppose the firm or firms in the market for Good A face a downward-sloping demand curve, maximize profit by producing the quantity at which marginal revenue equals marginal cost, set the price higher than the marginal cost, and break even in long run equilibrium. Which one of the following market structures most likely exists for Good A?
A. Perfectly competition. B. Monopoly. C. Monopolistic competition. D. Oligopoly.