Inflation is an overall:
A. rise in prices in the economy.
B. decline in prices in the economy.
C. rise in prices in the economy, excluding those with historically volatile price changes.
D. decline in prices in the economy, excluding those with historically volatile price changes.
A. rise in prices in the economy.
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Which of the following criteria should be used to evaluate if government intervention in a market for the purpose of environmental protection is justified?
A) Does the intervention program reduce pollution to zero using the least costly method? B) Is the intervention program economically efficient? C) Does the intervention program make the amount of economic surplus as large as possible? D) Is the damage to the environment from government intervention as small as possible?
A profit-maximizing monopolistically competitive firm ________ MR = MC.
A. produces where B. shuts down when C. sells product at the price where D. is completely efficient when
Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.
Figure 2.3Refer to Figure 2.3. Assume that in this society the opportunity cost of sailboats in terms of surfboards is increasing. A graph of this society's production possibility frontier will be represented by Panel
A. A. B. B. C. C. D. D.