28-70. The law of supply lustrates that a. as price increases, quantity supplied

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28-70. The law of supply lustrates that a. as price increases, quantity supplied decreases b. demand must increase to cause an increase in quantity supplied c. a change in price causes a change in supply d. price and quantity supplied move in the same direction e. price changes are always in the same direction as supply changes. 29-69. The quantity supplied is a. the amount sellers are willing and able to offer at a given price during a particular time period everything else held constant b. the amount sellers are willing and able to offer for sale at all possible prices c. a set of price and quantity-supplied combinations, everything else held constant d. a list of prices and the corresponding quantities supplied. e. a downward-sloping line that relates expenditures to different levels of output. 30-51. The value of U.S. imports is: A. added to exports when calculating GDP because imports reflect spending by Americans. B. subtracted from exports when calculating GDP because imports do not constitute spending by Americans C. subtracted from exports when calculating GDP because imports do not constitute production in the United States D. added when calculating GDP because imports do not constitute production in the United States. 31.-42) When measuring GDP A) the govemment sector is not included because it is the public sector not the private sector B) the govemment sector is counted, and the value of the government sector in GDP is equal to its tax revenue. C) only the federal government's expenditure on goods and services are included. D) the expenditure on goods and services by all levels of government are included E) the government sector is not counted because it does not produce goods and services. 32-51) The purchase of a new Boeing fighter jet by Israel is classified in the U.S. GDP accounts as A) export expenditure. 8) consumption expenditure C) investment expenditure. D) government expenditure. E) import expenditure. 33-52) Some textbooks use NX for net export. In that case, Gross Domestic Product equals B)Y-CI+G+NX C)Y-C+1+ G+NX 34-6. Monopolistic competition is characterized by firms: A. Producing differentiated products B. Making economic profits in the long run C. Producing at optimal productive efficiency D. Producing where price equals marginal cost

Explanation / Answer

28) D. Law of supply says a direct relationship between price and qty supplied.

29)A. Qty supplied is what a producer is willing and able to offer at a given price.

30)C. AD=C+I+G+X-M

31)D. G is govt. Expenditure on goods and service

32)A

33)C

34)A

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