The percentage change in per capita real GDP measures economic growth because it takes into account all of the following variables EXCEPT
A) the percentage change in population. B) the percentage change in nominal GDP.
C) the percentage change in the quality of life. D) the percentage change in the inflation rates.
C
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A market structure in which a single buyer exists on one side of the market and only one seller exists on the other side is known as
a. a bilateral monopoly. b. a dual oligopoly. c. monopolistic competition d. a Wheeler-Lea market..
Business cycles that are triggered by events such as wars, changes in housing construction, or innovation are known as
a. internally induced cycles b. externally induced cycles c. real business cycles d. population cycles e. accelerating cycles
Texarkana Electric Company burns coal to heat the water that drives its electricity-producing turbines. The table below shows the marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production. Marginal Cost and Marginal Benefit Quantity (millions of megawatts) MBprivate MCprivate MCexternal MCsocial 1.0 $145 $85 $ $ 2.0 130 90 3.0 115 95 4.0 100 100 5.0 85 105 6.0 60 110 Instructions: Enter your answers as a whole number. a. What is the (apparent) optimal amount of electricity for Texarkana Electric Company to produce each year? million megawatts per year
a. Now assume the production of each million megawatts of electricity also produces sulfur dioxide (a precursor to acid rain). The external cost of thesulfur dioxide is $20 per million megawatts of electricity production. b. Fill in the external marginal cost (MCexternal) and the social marginal cost (MCsocial) columns in the table above c. What is the socially optimal amount of electricity for Texarkana to produce if all costs and benefits are considered? million megawatts per year
Investing $2 million of your own money in your business is an example of an _______ cost.
Fill in the blank(s) with the appropriate word(s).