Government purchases, as a component of GDP include all except:
A. both consumption- and investment-type goods bought by the government.
B. goods and services bought by all levels of government.
C. include services the government pays for.
D. goods purchased by government from foreign countries.
Answer: D
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The figure above shows depicts the marginal revenue and costs of a perfectly competitive firm. When 170 units are produced, the firm
A) would definitely shut down. B) would incur an economic loss. C) would increase its price. D) has total costs less than $2,720.
Assuming seigniorage equals zero, the federal debt is ________ and the budget deficit is ________
A) a flow variable representing the total value of government bonds outstanding; a stock variable representing the yearly increase in value of newly issued government bonds B) a stock variable representing the total value of government bonds outstanding; a flow variable representing the yearly increase in value of newly issued government bonds C) a flow variable representing the yearly increase in value of newly issued government bonds; a stock variable representing the total value of government bonds outstanding D) a stock variable representing the yearly increase in value of newly issued government bonds; a flow variable representing the total value of government bonds outstanding
Which of the following is a characteristic of perfect competition?
a. Individual firms have the power to set prices. b. Firms produce differentiated products. c. New firms can easily enter the market. d. There are only a few very large firms producing all output in the market.
Which of the following characteristics of a PPF indicates that tradeoffs must be made?
a. the downward slope b. the upward slope c. the constant slope d. the curvature