Nominal GDP is
a. also called real GDP.
b. a more accurate measure than real GDP.
c. real GDP adjusted for changes in the price level.
d. GDP measured in current prices.
d
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In the short run, when a firm is about to begin production it pays only:
A) variable costs. B) opportunity costs. C) sunk costs. D) fixed costs.
Marginal utility theory predicts that a rise in the price of a banana results in
A) the demand curve for bananas shifting rightward. B) the demand curve for bananas shifting leftward. C) a movement upward along the demand curve for bananas. D) a movement downward along the demand curve for bananas.
Suppose a chemical plant in Warzonka produces a by-product that is extremely toxic. The by-product is fatal to plant and animal life upon direct contact, and low-level contamination of the by-product in the environment is linked to cancer. Which of the following would be the best choice for public policy in this case?
a. Command-and-control regulation b. A corrective tax c. A property tax d. A tradable permit system
Refer to Exhibit 2-9. Who has the comparative advantage in the production of good A?
 ANSWER 5.png)