A measure of GDP in which quantities produced are valued at current-year prices is called:
A. real GDP.
B. nominal GDP.
C. physical GDP.
D. base GDP.
Answer: B
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The U.S. government currently imposes a $0.54 per gallon tariff on all ethanol imported into the country. If this tariff were removed, then:
A) the domestic ethanol price falls. B) the domestic quantity of ethanol supplied declines. C) domestic consumer surplus increases. D) domestic producer surplus decreases. E) all of the above
Competitive firms are able to set price above marginal cost when
A) the markup is less than the cost of going to another store. B) the markup is greater than the cost of going to another store. C) all consumers have full information. D) consumers know what other stores are charging.
Which would indicate that a firm is operating under conditions of pure competition and is being productively efficient?
A. It is making economic profits in the long run B. Marginal cost equals average variable cost C. It produces at the minimum average total cost D. Its marginal revenue is less than average revenue
In a perfectly competitive labor market, firms are price takers.
Answer the following statement(s) true (T) or false (F)