Pollution imposes costs on people and firms other than those involved in producing or consuming the product that produces pollution.
Answer the following statement true (T) or false (F)
True
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Total revenue for a seller represents the amount that:
a. sellers receive for a good or service which is computed as P ÷ Q. b. sellers receive for a good or service which is computed as P Q. c. one buyer spends on a good or service which is computed as P Q. d. one buyer spends on a good or service which is computed as P ÷ Q.
Fixed exchange rates are often maintained in all of the following ways except ________.
A. controls on imports and exports, such as tariffs and quotas B. open speculation by individual traders in foreign currency markets C. domestic macroeconomic adjustments using monetary and fiscal policies D. international monetary reserves held by central banks
What is the difference between the short run and the long run when there is full employment and the government engages in deficit spending?
A) Real GDP will increase in the short run but not the long run. B) Real GDP will not increase in either the long run or the short run. C) Real GDP will increase in the long run but not the short run. D) Real GDP will increase in both the short run and the long run.
What is the short-run Phillips curve and what observations does it make?