The total of all planned production for the economy is
A) aggregate supply.
B) aggregate demand.
C) endowments.
D) real-balance effect.
A
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Refer to Table 9-3. Select the statement that accurately interprets the data in the table
A) Tina has a comparative advantage in making candles. B) Bryce has a comparative advantage in making candles and making soap. C) Bryce has a comparative advantage in making candles. D) Bryce has an absolute advantage in making soap.
Under a constant growth rate of money rule of 5 percent in an economy in which Real GDP grows at an average rate of 5 percent and velocity is constant, the inflation rate is
A) 5 percent. B) -5 percent. C) 25 percent. D) -25 percent. E) constant at zero.
Refer to the provided graph of a competitive market. If the output level is Q1, then there are efficiency losses indicated by the area
What will be an ideal response?
How much does it cost to tax a dollar of revenue away from the private sector and transfer it to the government to finance a government program?
a. one dollar b. less than one dollar because the administration of and compliance with the tax laws creates jobs for people c. more than a dollar because collection of the taxes requires resources that would otherwise be available for private sector production d. more than a dollar because of the excess burden resulting from the elimination of productive exchanges by the taxes e. Both c and d are correct.