Which of the following is generally NOT an example of a zero price?
A. Getting a refill of coffee at a restaurant
B. Downloading another MP3 from iTunes
C. Watching another movie on Netflix
D. Sending another text message
Answer: B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
What is the shape of the labor supply curve implied by the following statements?
a. "I'm sorry, kids, but now that I'm earning more, I just can't afford to come home early in the afternoon, so I won't be here when you get home from school." b. "They can pay me a lot or they can pay me a little. I'll still put in my 8 hours a day." c. "Now that I have received a salary increase, I am going to work 36 hours instead of 40 hours a week"
According to the new classical view, if the money supply and prices fall but output remains the same indicates that
a. expectations must be adaptive. b. this change in the money supply was anticipated. c. aggregate supply must have shifted upward. d. none of the above can explain this.
In the above figure, what happens to the firm's optimal level of output if the price it receives for its product decreases from P4 to P3?
A) Output stays the same. B) Output decreases. C) Output increases. D) There is not enough information provided to know what happens to output.