Refer to Table 2-19. What is Wilma's opportunity cost of making a statue?
A) 3 benches B) 1/3 of a bench C) 6/7 of a statue D) 1/2 of a bench
B
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If velocity is equal to 6, and the quantity of money is $50 billion, according to the equation of exchange, nominal GDP is equal to
A) $300 billion. B) $150 billion. C) $18 billion. D) $8.3 billion. E) $56 billion.
A profit-maximizing firm will continue to expand output:
a. as long as the revenues from the production and sale of an additional unit exceeds the average cost of the unit. b. until the average cost of producing the good or service is at a minimum. c. as long as the revenues from the production and sale of an additional unit exceeds the marginal cost of the unit. d. until the marginal cost of producing a good or service is at a minimum.
The aggregate output demanded for a given price level occurs at the point where: a. an economy reaches the full employment of labor. b. aggregate expenditure equals real GDP
c. actual aggregate expenditures exceeds real GDP. d. inventories of goods and services are increasing. e. inventories of goods and services are decreasing.
In 2005, the European Union began a program to
A) reduce greenhouse gas emissions by 10 percent within 5 years. B) eliminate greenhouse gas emissions by 50 percent within 15 years. C) subsidize firms that pollute more than a given limit. D) allow the trading of carbon-dioxide permits among firms.