________ is the market value of the final goods and services produced within the borders of a country during a particular period of time
A) Net Product Value
B) Gross National Product
C) Total Product
D) Gross Domestic Product
D
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Exhibit 3A-2 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-2, if the market price falls from P1 to P2, then:
A. total surplus increases. B. deadweight loss increases. C. overproduction increases. D. underproduction decreases.
Figure 9.9 depicts a market for electricity. S1 is the supply curve without the external costs. S2 is the supply curve with the $T tax. Assume electricity production incurs external costs. If the government imposes a pollution tax in the amount illustrated, the amount of the pollution tax borne by the electricity producers is:
A. PA - PB. B. PA - PC. C. PB - PC. D. (1/2)?(PA - PB).
If the U.S. dollar decreases in value relative to other currencies, how does this affect the aggregate demand curve?
A) This will move the economy up along a stationary aggregate demand curve. B) This will move the economy down along a stationary aggregate demand curve. C) This will shift the aggregate demand curve to the left. D) This will shift the aggregate demand curve to the right.
Neoclassical economics tend to make inaccurate predictions of human behavior in situations involving:
A. Price changes B. Financial incentives C. Firms' profits D. Uncertainty and fairness