Which of the following shifts aggregate demand to the right?
a. an increase in the price level
b. an increase in the money supply
c. a decrease in the price level
d. a decrease in the money supply
Answer: b. an increase in the money supply
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In the New England colonies,
(a) long winters, short summers, heavily forested areas, and rocky terrain contributed to a lack of productive farmland; agriculture was a difficult, marginal activity. (b) the great majority of New Englanders engaged in some type of subsistence agricultural activity. (c) most New England farmers subsidized their farm income with some other type of income from another occupation to support themselves, save and invest. (d) all of the above are true.
A nation's standard of living depends on its population and labor productivity
a. True b. False Indicate whether the statement is true or false
Total utility means that each marginal unit of a consumed good provides less of an addition to utility than the previous unit
a. True b. False Indicate whether the statement is true or false
Explicit costs are
A. the opportunity costs of all resources used by the firm. B. all costs associated with the short run. C. actual expenditures that a firm must make. D. the costs associated with the resources that the firm owns.