In a closed economy, public saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y - C - T + TR B) Y - G - T C) T - G - TR D) Y - C - T
Scenario 21-1
Consider the following data for a closed economy:
Y = $12 trillion
C = $8 trillion
I = $2 trillion
G = $2 trillion
TR = $2 trillion
T = $3 trillion
C
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A depository institution creates liquidity and pools risk
Indicate whether the statement is true or false
Based on the quantity equation, if M = 100, V = 3, and Y = 150, then P =
a. 1. b. 1.5. c. 2. d. 4.5.
Answer the following statement(s) true (T) or false (F)
1. The firms in a cartel act together to achieve a similar outcome as a monopolist. 2. Consumers are the primary beneficiaries of collusive oligopoly due to lower prices. 3. The more firms in a cartel, the more difficult it is for all the firms to reach consensus. 4. Collusive oligopolies are strictly illegal under U.S. antitrust laws. 5. Price leadership involves formal meetings between the price leader and the price followers.
Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product price to be $28 in 2015. Bartech's average variable cost function is estimated to beAVC = 10 ? 0.003Q + 0.0000005Q2Bartech expects to face fixed costs of $12,000 in 2015. At what level of output will Bartech's average variable cost reach its minimum value?
A. 3,000 units B. 2,000 units C. 4,000 units D. 6,000 units E. 5,000 units