GDP excludes:
a. business purchases of investment goods, such as factories.
b. government purchases of military equipment
c. the building of a new apartment complex.
d. none of the above.
d
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Figure 7-8
Of the graphs in Figure 7-8, which diagram is most likely to be the marginal cost?
A. 1 B. 2 C. 3 D. 4
If ten years ago the price of a movie ticket was $5 and the average hourly wage was $10, and today the price of a movie ticket is $8 and the average hourly wage is $20, then
a. movies are now relatively cheaper in terms of work hours. b. movies are now relatively more expensive in terms of work hours. c. the relative price of movies has remained constant. d. workers now need to work longer hours to earn one movie ticket.
The equilibrium price and quantity in Figure 3.2 are, respectively,
Figure 3.2 Supply and Demand
A. $12 and 20 units. B. $12 and 40 units. C. $6 and 20 units. D. $9 and 30 units.
Refer to the information provided in Figure 23.4 below to answer the question(s) that follow.
Figure 23.4Refer to Figure 23.4. If income is Y1, aggregate consumption is the smallest when the aggregate consumption function is
A. C3. B. C2. C. C1. D. cannot be determined from the figure.