A monopolist always produces on the elastic portion of the demand curve
a. True
b. False
Indicate whether the statement is true or false
True
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The German central bank gained international reserves in the early 1970s because it sold ________ to prevent mark ________
A) marks; appreciation B) dollars; appreciation C) marks; depreciation D) dollars; depreciation
Which of the following provisions was not a component of the Intolerable Acts?
a. Permitted British officials charged with crimes to be tried in Britain. b. Raised taxes in Boston to pay for the tea destroyed during the Boston Tea Party. c. Provided for the quartering of troops in the city of Boston. d. Revised the charter of Massachusetts to make some rights dependent on the decisions of a governor who was appointed by England.
If a firm sold $700 worth of goods that cost $800 to produce:
A. aggregate income would still equal GDP. B. aggregate income would no longer equal GDP. C. the firm's loss would not be added to aggregate income. D. aggregate income would be negative.