You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C = 33 + 3Q2. The profit-maximizing output for your firm is:
A. 10.
B. 6.
C. 5.
D. 3.
Answer: A
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Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2013?
A) $49,500 B) $55,000 C) $47,000 D) $56,000
In the IS-LM model, the fiscal multiplier effect can be increased by
A) larger increases in government expenditure. B) expansions of the money supply. C) contractions of the money supply. D) raising the income tax rate.
Assuming that turkey, chicken, pork, and beef are substitutes, suppose that the price of turkey has fallen. This will, other things being equal
A) reduce demand for chicken, pork, and beef. B) leave demand for chicken, pork, and beef unchanged. C) increase demand for chicken, pork, and beef. D) increase quantity demanded of beef.
To tell a compelling story, an economist relies on
a. case studies b. anecdotes c. irrelevant data d. anecdotes and irrelevant data e. case studies and anecdotes