Economists define an aggregate as
a. a concrete object.
b. a specific principle.
c. a representative good or service.
d. a useful abstraction.
e. something immeasurable.
d
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"As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?
What will be an ideal response?
A TV actor used to be a teacher. Aside from the salary, he likes both jobs equally well. If he can earn $50,000 as a teacher and $300,000 as an actor, what are his economic rent and opportunity costs as an actor?
a. Economic rent is $250,000 . opportunity costs are $50,000. b. Economic rent is $50,000 . opportunity costs are $250,000. c. Economic rent is $50,000 . opportunity costs are $300,000. d. Economic rent is $300,000 . opportunity costs are $50,000. e. Economic rent is $300,000 . opportunity costs are $350,000.
The institution that sets the nation's monetary policy is called the
Which of the following statements is false?
A) An increase in wage rates causes producers to move up along the SRAS curve. B) An increase in the price level causes producers to move up along the SRAS curve. C) The short-run aggregate supply (SRAS) curve is upward sloping. D) The long-run aggregate supply (LRAS) curve is vertical.