If the popular television show The Bachelor is shown on pay-per-view television every Monday at 9pm, then the demand curve for each episode is given below.
If each episode were shown for free, total economic surplus would be ________.
A. $720 million
B. $2,000 million
C. $1,280 million
D. $4,000 million
Answer: B
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An increase in the quantity of money shifts the aggregate demand curve rightward
Indicate whether the statement is true or false
What best describes westward movement of population between 1800-1860?
a. The 1850s was the decade when the largest number of people moved to the west. b. The large increase in and sales in this period was based on speculation. c. Migrants moved to the west because they were "pushed" out of the east, where conditions were getting worse. d. Corn prices were relatively low in the decades when migration to the west was largest.
"Rent seeking" describes the search and battle for opportunities to collect economic rents
a. True b. False Indicate whether the statement is true or false
An economist who claims that an increase in government spending would result mainly in a higher price level believes the economy is operating where
a. the MPC is small. b. the MPC is large. c. aggregate supply curve is flat. d. aggregate supply curve is steep.