Refer to the above data. The equilibrium level of GDP in this private open economy is:
All figures in the table below are in billions.
A. $550 billion
B. $600 billion
C. $650 billion
D. $700 billion
B. $600 billion
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The trade-off of saving the spotted owls in the Pacific Northwest was
A) the loss of salmon in the region. B) the increase in the number of marbled murrelets. C) the loss of logging activities by lumber companies. D) none.
The framers of the U.S. Constitution sought to design a political system that would
What will be an ideal response?
Officers of five large building-materials companies meet and agree than none of them will submit bids on government contracts lower than an agreed-upon level. This is an example of:
A. price fixing. B. vertical restriction. C. a tying contract. D. an interlocking directorate.
Which of the following is true of long-run equilibrium price in a monopolistically competitive market?
A) It is equal to average total cost. B) It is less than average total cost. C) It is higher than average total cost. D) It is lower than marginal cost.