Refer to the table. If the full-employment real GDP is $70, the:
A. inflationary expenditure gap is $30.
B. recessionary and inflationary expenditure gaps are both $0.
C. inflationary expenditure gap is $10.
D. recessionary expenditure gap is $10.
B. recessionary and inflationary expenditure gaps are both $0.
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How can an incomplete contract prevent opportunism? Explain with an example
Given the cost function C(Y) = 6Y2, what is the marginal cost?
A. 12Y B. 6Y C. Y2 D. 3Y
The idea of comparative advantage is closely related to
A. production efficiency. B. the concept absolute advantage. C. using the worker with the most diverse sets of skills. D. the concept of opportunity cost.
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
At an exchange rate of $2.50 per pound, there is an
A. excess demand for 0.5 million pounds. B. excess supply of 1 million pounds. C. excess demand for 1 million pounds. D. excess supply of 0.5 million pounds.