Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is 20, what is Giuseppe's profit-maximizing output?
A) 2 pizzas per hour
B) 3 pizzas per hour
C) 4 pizzas per hour
D) 0 pizzas per hour
Ques. 2Nonrivalry is a feature of
A) goods but not services.
B) all nonexcludable goods.
C) excludable goods.
D) public goods.
Ques. 3________ economists believe that the economy is self-regulating and will be at full employment as long as monetary policy is not erratic.
A) Keynesian
B) Monetarist
C) Classical
D) All
Ques. 4In the table above, what is the government's sector balance?
A) a deficit of 700 billion
B) a surplus of 600 billion
C) a deficit of 100 billion
D) a surplus of 100 billion
Ques. 5When the velocity of circulation equals 4 in 2010, this fact means that
A) consumers held four dollars in wealth for each dollar they spent in 2010.
B) on average, each dollar of money in the economy purchased four dollars of goods and services in GDP in 2010.
C) for each additional dollar of money injected into the economy, the price level rose 4 percent in 2010.
D) real output of goods and services in GDP rose by four dollars for each additional dollar of money consumers saved.
Ques. 6Money income is
A) market income plus cash payments from government.
B) equal to market income.
C) market income plus cash payments from government minus taxes.
D) market income minus taxes.
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