An improvement in consumer confidence will cause:
A. A movement down the aggregate demand curve.
B. The aggregate supply curve to shift to the right.
C. The aggregate demand curve to shift to the right.
D. The aggregate demand curve to shift to the left.
C. The aggregate demand curve to shift to the right.
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In long-run equilibrium, a perfectly competitive firms produces at the output level at which: a. total revenue is maximized
b. long-run marginal cost is minimized. c. average total cost is minimized. d. short-run variable cost is minimized.
GDP is a good measure of:
A. relative living standards in various countries. B. relative prices in various countries. C. relative welfare in various countries. D. market activities at market prices.
Economic growth can be obtained
A) by government legislation. B) by a change in the level of inputs or an improvement in technology. C) only through a change in the level of inputs, hence the desire for conquest throughout the history of the world. D) only through a change in technology, which explains the explosive growth of the United States.
Discuss some of the changes in the organization of the economic systems of countries transitioning from communism to capitalism. How does this type of market reform increase economic efficiency?
What will be an ideal response?