The number of units of one good that trade for one unit of alternative goods can be determined most easily when
A. the goods all weigh about the same.
B. the goods are actively traded through barter.
C. the goods are all new.
D. there is one unit of account.
Answer: D
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A monopoly might produce less than the socially optimal amount of pollution because
A) it likes to be a good citizen. B) it sets price above marginal cost. C) it earns economic profit. D) it internalizes the external costs.
The law of demand is illustrated by a demand curve that is:
a. horizontal. b. downward-sloping. c. vertical. d. upward-sloping.
If planned spending exceeds planned output in an economy, the result is a(n) _____
Fill in the blank(s) with the appropriate word(s).
An increase in aggregate demand when the economy is operating at high levels of output is likely to result in
A. an increase in the overall price level but little or no increase in output. B. little or no increase in either output or the overall price level. C. an increase in output but little or no increase in the overall price level. D. a large increase in both output and the overall price level.