Refer to Figure 5-2. The private profit-maximizing quantity for the firm is
A) Qa. B) Qb - Qd. C) Qb. D) Qd.
C
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The multiplier tells us the relationship between
A) the interest rate and the level of investment expenditure. B) the exchange rate and the level of exports. C) the exchange rate and the level of imports. D) a change in autonomous spending and the resulting change in equilibrium real GDP.
"Happy birthday to you, happy birthday to you . . .". You get a birthday gift of $10 from Auntie Diane and you rush out to buy a T-Shirt. According to GDP accounting, the $10 is a(n)
a. consumption expenditure b. investment expenditure c. income payment d. transfer payment e. royalty
A statistical discrepancy
a. exists because data sources are not perfect, so measures of expenditures and income are not equal. b. insures that GDP will approximately equal GNP. c. explains the close association between GDP and quality of life measures such as literacy and life expectancy. d. explains the inadequacy of GDP in capturing the value of leisure and the value of a clean environment.
Which person would most likely interject burdensome restrictions to avoid lawsuits?
A) public information officer B) county attorney C) patrol officer D) county auditor