Sellers usually have an incentive to
What will be an ideal response?
eliminate deadweight costs by raising the monetary price.
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Refer to Figure 24-4. Given the economy is at point A in year 1, what is the difference between the actual growth rate in GDP in year 2 and the potential growth rate in GDP in year 2?
A) 0.3% B) 1.1% C) 2.7% D) 3.7%
Alex's production is worth $60, Harry's is worth $40, Rob's is worth $40, and Julia's is worth $55 . They decide to combine their resources and produce together. For this to be a superadditive game, which of the following conditions must hold?
a. They should be able to produce more in groups of two than what they can produce together. b. Their combined production must exceed the total they can individually produce. c. Their resources must be perfect substitutes. d. Their resources must be perfect complements.
The largest component of the M1 definition of the money supply is currency
Indicate whether the statement is true or false
The marginal product of land depends only on the quantity of land available
a. True b. False Indicate whether the statement is true or false