Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?
a. The cost of inputs used in production
b. The price of the product
c. The income levels of consumers
d. The price expectations of producers
e. The preferences of consumers
b
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The base year is 2011. A country only produces Blu-ray players. The price of a Blu-ray player in 2011 was $100. The price of a Blu-ray player was $90 in 2012
The quantity of Blu-ray players produced in 2011 was 10,000 units and in 2012 was 10,500 units. Nominal GDP in 2012 equals A) $945,000. B) $1,000,000. C) $1,050,000. D) $900,000. E) an amount that cannot be determined without information about nominal GDP in 2008.
Efficiency in the provision of a public good is achieved when its
A) total social benefit equals its total social cost. B) average social benefit equals its average social cost. C) marginal social benefit equals its marginal social cost. D) marginal social benefit equals zero.