If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:
A. $1,000,000.
B. $500,000.
C. $3,500,000.
D. $4,000,000.
Answer: C
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A) menu costs. B) implicit contracts. C) efficiency pricing. D) All of the above.
In a two-period model with production, a shock that shifts the output demand curve to the right, and does not shift the output supply curve
A) causes an increase in the current account surplus and an increase in real output. B) causes no change in the current account surplus and an increase in real output. C) causes a decrease in the current account surplus and no change in real output. D) causes a decrease in the current account surplus and an increase in real output.
Which of the following statements is true?
A. OLS is a model, whereas feasible GLS is an estimation method. B. OLS is an estimation method, whereas feasible GLS is a model. C. Both OLS and feasible GLS are models. D. Both OLS and feasible GLS are estimation methods.
If the demand curve a monopolist faces is perfectly elastic, then the ratio of the firm's price to the marginal cost is
A) 0. B) 1. C) 2. D) None of the above—the answer cannot be determined.