Suppose the economy is closed and consumption is 8 million, taxes are 2 million, and government purchases are 1.75 million. If national saving amounts to 1.25 million, then what is GDP?
a. 9 million.
b. 9.5 million.
c. 13 million.
d. 11 million.
d
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A monopoly is a firm that:
A. is the sole producer of a good or service with many close substitutes. B. produces a good or service that is identical to many others sold in the market. C. is the sole producer of a good or service with no close substitutes. D. is the producer of a good or service with just a few large competitors.
Long-run economic growth can be illustrated in Figure 17.1 by a
A. Movement from point A to point B. B. Shift outward of the production possibilities curve. C. Movement from point D to point B. D. Shift inward of the production possibilities curve.
Exhibit 7-11 A firm's cost and marginal revenue curves
?
In Exhibit 7-11, the profit-maximizing output level at the price of $8 is:
A. 0. B. 7. C. 8. D. 10.
When it comes to productivity, some economists argue that
A) unions have caused a decrease in productivity by excessive staffing and makework requirements. B) through the use of featherbedding unions have been responsible for productivity increases. C) the passage of the Taft-Hartley Act has led to a significant decrease in productivity. D) the union's insistence on profitability laborsaving devices has led to an increase in productivity.