Refer to Table 8-12. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is
A) 2013. B) 2014. C) 2015. D) 2016.
B
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How do exports affect sellers' producer surplus?
What will be an ideal response?
Implicit collusion, where players do NOT have an explicit agreement
A) are strictly prohibited under antitrust laws. B) are not strictly prohibited under antitrust laws. C) results in cheating. D) maximizes total surplus in the market.
Figure 11-2
For the monopolist show in Figure 11-2, how much profit is the monopolist making per unit?
A. The amount shown as HE B. The amount shown as GE C. The amount shown as HF D. The amount shown as FE
What is the difference between command-and-control policies and market-based policies toward externalities?
a. Command-and-control policies provide incentives for private decisionmakers to solve the problems on their own, whereas market-based policies regulate behavior directly. b. Command-and-control policies rely on taxes, whereas market-based policies rely on quotas. c. Command-and-control policies regulate behavior directly, whereas market-based policies provide incentives for private decisionmakers to change their behavior. d. Command-and-control policies are efficient, whereas market-based policies are inefficient.