How many units should Harvey's Housewares produce?
a. 1 unit
b. 2 units
c. 3 units
d. Zero units, at these prices, the production should not start
c
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The figure illustrates the market for hot dogs on Big Foot Island. The producer surplus is ________
A) $240 an hour B) $180 an hour C) $1.20 a hot dog D) $60 an hour
Suppose the economy is at an equilibrium when C + I + G + X = $12 trillion. If the economy is currently at a real national income level of $14 trillion, then total planned real expenditures
A) exceed real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase. B) are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will decline. C) are equal to real Gross Domestic Product (GDP), and there will be no change in real Gross Domestic Product (GDP). D) are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase.