Which prices are used to measure goods and services in calculating the nominal GDP?
A. past years prices
B. current prices
C. average prices
D. projected prices
Answer: B
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Peter's Pencils is a perfectly competitive company producing pencils. Suppose Peter is producing 1,000 pencils an hour. If the total cost of 1,000 pencils is $500, the market price per pencil is $2, and the marginal cost is $2, then Peter
A) makes an economic profit because marginal revenue is equal to marginal cost at this output level. B) should decrease his output to increase his profit. C) is maximizing his profit and is making an economic profit. D) should increase his output to increase his profit. E) is not maximizing his profit but is making zero economic profit anyway.
Ceteris paribus, if the market demand for a product decreases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; increase b. indeterminate; decrease c. indeterminate; increase d. decrease; decrease
Refer to the above graph. Demand is price-elastic between points:
A. G and H. B. F and G. C. D and E. D. A and B.
If the real marginal tax rate increases in the market clearing model then:
a. the supply of labor decreases. b. real output, Y, rises. c. the demand for capital increases. d. all of the above.