According to your text, what is the significant distinction between the government and the nongovernment sector of society?
A) Government decisions are made by collectives rather than by individuals.
B) Government is usually granted the right to coerce adults.
C) Government officials pursue the public interest rather than narrow special interests.
D) Government takes the long-run view and thus cares for the interests of future generations.
E) The government sector is not characterized by competition.
B
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As measured, GDP omits which of the following?
i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
When its marginal cost increases, a firm aiming at maximizing net revenue
A) can always raise its price, but only by the amount of the cost increase. B) can often raise its price by more than the cost increase. C) can raise its price, but always by less than the cost increase. D) may not be able to raise its price at all.
In words, the equation of exchange says that
A) the total amount spent on final output equals the amount received for final output. B) the amount of money in circulation equals the velocity of the price level. C) changes in the money supply will have no impact on the amount spent on final output. D) when velocity equals 1, nominal GDP equals the price level.
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $4 and corn feed is on the horizontal axis, and the price of soybean feed is $5 and soybean feed lies on the vertical axis, what is expansion path?
a. C =5S/2 b. S =2C/5 c. the horizontal axis d. the vertical axis