If the stock of money is $50 billion, velocity is 4, and real output is $25 billion, what is the price level?
A. 0.5
B. 2
C. 4
D. 8
Answer: D
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When total costs are greater than total revenue,
A) fixed costs must be high. B) a firm is suffering losses. C) a firm should shut down immediately. D) the firm must be producing on the elastic range of its demand curve.
When producers are hard to monitor and marginal costs differ across producers, ________ are an effective method to achieve efficient use of a ________
A) individual transferable quotas; public good B) marginal private benefits; public good C) individual transferable quotas; common resource D) individual transferable quotas; excludable good
A market basket:
A. is a tool devised to track how changing prices affect consumers. B. includes all the goods and services consumed in an economy, including imports. C. includes all the goods and services produced in an economy. D. includes all the goods and services consumed in an economy, including net exports.
Attaining higher and higher levels of air cleanliness causes
A) additional costs to rise to increasingly high levels.
B) larger and larger increases in per capita incomes.
C) additional costs to fall to lower and lower levels.
D) larger and larger marginal benefits to society.