The marginal social cost curve is downward sloping under variable technology
a. True
b. False
B
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The role of the costs of capital is influenced by the degree to which firms can substitute capital for other inputs of production known as relative prices
Indicate whether the statement is true or false
In the United States, the money supply (M1) consists of:
a. paper currency and coins. b. coins, paper currency, checkable deposits, and traveler's checks. c. paper currency, coins, checkable deposits, and savings deposits. d. government bonds, currency, checkable deposits, and traveler's checks.
The more complicated the task, the greater the ability to economize on transaction costs through specialization and centralized control
Indicate whether the statement is true or false
The table shows the aggregate demand and aggregate supply schedule for a hypothetical economy.Real Domestic Output Demanded (in Billions)Price Level (Index Value)Real Domestic Output Supplied (in Billions)$3,000350$9,0004,0003008,0005,0002507,0006,0002006,0007,0001505,0008,0001004,000Refer to the above table. If the quantity of real domestic output demanded increased by $2000 at each price level, the new equilibrium price level and quantity of real domestic output would be:
A. 350 and $8000. B. 300 and $8000. C. 200 and $6000. D. 250 and $7000.