One common measure of the "standard of living" in a nation is ________.
A. real GDP
B. population size
C. the unemployment rate
D. real GDP per capita
Answer: D
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In the figure above, the economy is at point A when the price level falls to 100. Money wage rates and all other resource prices remain constant. Firms are willing to supply output equal to
A) $15.5 trillion. B) $16.0 trillion. C) $16.5 trillion. D) None of the above answers is correct.
Firms that engage in price discrimination
a. will earn less profit than those that do not discriminate. b. will earn more profit than those that do not discriminate. c. are biased against certain buyers in the market. d. will always produce less output than firms that do not discriminate.
Which of the following shifts the long-run aggregate supply curve to the left?
a. either an increase in the price of imported natural resources or a reduction in trade restrictions. b. neither an increase in the price of imported natural resources or a reduction in trade restrictions. c. an increase in the price of imported natural resources and an increase in trade restrictions. d. an increase in trade restrictions and a decrease in the price of imported natural resources.
All of the following are ways that the government can correct for positive externalities EXCEPT
A) by subsidizing the consumption of the good. B) producing the good itself. C) by regulation. D) by assessing an effluent fee.