Refer to the data. If gross investment is $10 at all levels of GDP, the equilibrium GDP will be:
The following schedule contains data for a private closed economy. All figures are in billions. Use these data in answering the question.
A. $300.
B. $260.
C. $220.
D. $180.
C. $220.
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The U.S. economy is relatively closed in terms of economic activity related to exports and imports.
Answer the following statement true (T) or false (F)
Why might bargaining break down when parties negotiate to remedy a market failure and its associated externality?
What will be an ideal response?What will be an ideal response?
Surplus refers to:
A. the difference between the price at which a buyer or seller would be willing to trade and the actual price. B. the difference between the willingness to pay and the actual price paid. C. the difference between the willingness to sell and the actual price accepted. D. All of these are true.
For a competitive firm, the value of the marginal product:
A. increases for each additional worker. B. remains constant across workers. C. is zero when profits are maximized. D. decreases for each additional worker.