Use the above figure. The AVC at output 10 is
A. $1.00.
B. $2.00.
C. $20.00.
D. $3.00.
Answer: B
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If bargaining is costless, the assignment of property rights for an externality:
a. has no impact on the possibility of an efficient outcome and no distributional impact. b. has no impact on the possibility of an efficient outcome but does have a distributional impact. c. does have an impact on the possibility of an efficient outcome but has no distributional impact. d. does have an impact on the possibility of an efficient outcome and does have a distributional impact.
Suppose in 2000 . nominal GDP in Russia was 1000 rubles and it increased to 2000 rubles in 2001 . If we know that the base year is 2000 and the GDP deflator in 2001 is 100, then of the 1000 ruble increase in nominal GDP, ______ represents an increase in prices only
a. none, or 0 rubles b. all, or 1000 rubles c. 500 rubles d. 2000 rubles e. 100 rubles
Unions may lower real wages in the nonunion sector because
A. Union firms can easily hire nonunion workers for a lower wage. B. Workers who are displaced by higher wages in the unionized sector increase the labor supply in the nonunion sector. C. Nonunion firms adjust wages to avoid the threat of unionization. D. Nonunion firms have difficulty attracting skilled workers away from the unions.
If the quantity of loanable funds supplied is greater than the quantity demanded, then there is a
a. shortage of loanable funds and the interest rate will fall. b. shortage of loanable funds and the interest rate will rise. c. surplus of loanable funds and the interest rate will fall. d. surplus of loanable funds and the interest rate will rise.