Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 million, government purchases are $10 million, and net export spending is $2 million. What is GDP?
A) $15 million B) $23 million C) $25 million D) $27 million
D
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Under standard assumptions, which of the following is not a property of indifference curves?
a. They are downward sloping and convex. b. They fill the plane and never cross. c. Their slope is equal, in magnitude, to the relative price of the goods. d. Baskets on indifference curves further away from the origin provide more satisfaction than those which are closer to the origin.
The MU of computers is initially larger than the MC of producing them in a free market. We may expect output of computers to
a. fall, MC to rise, and MU to rise. b. rise, MC to fall, and MU to fall. c. rise, MC to rise, and MU to fall. d. fall, MC to fall, and MU to rise.
Suppose that the percentage change in demand is 10%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of supply?
A. 0 B. 1 C. 2 D. 3
The maximum economic profit that can be made by a duopoly that colludes is equal to the ________
A) economic profit made by duopolists who cheat B) normal profit made by an oligopoly C) economic profit made by a monopoly D) normal profit made by firms in perfect competition