Expenditures in GDP do not include
A) used goods or financial assets.
B) financial assets or investment.
C) used goods or investment.
D) investment, stocks, or bonds.
E) government expenditures on goods and services.
A
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Lower than expected inflation rate: a. shifts short-run Phillips curve to the right
b. shifts short-run Phillips curve to the left. c. shifts both short-run and long-run Phillips curve to the right. d. shifts both short-run and long-run Phillips curve to the left.
Tom is buying a quantity of wheat at which the marginal utility (in dollars) exceeds price. He should
a. reduce wheat consumption, thus raising P to the level at which MU = P. b. reduce wheat consumption, thus raising MU to the level at which MU = P. c. increase wheat consumption, thus raising P to the level at which MU = P. d. increase wheat consumption, thus lowering MU to the level at which MU = P.
According to the above figure, at an income level of Y1,
A. the average propensity to save is greater than one. B. the marginal propensity to save is falling. C. the economy dissaves an amount equal to BD. D. the economy saves an amount equal to BD.
Suppose that a perfectly competitive industry becomes a monopoly. What effect will this have on consumer surplus, producer surplus, and deadweight loss?
What will be an ideal response?