Superstars earn high incomes due to their ability to satisfy the demands of millions of people at once
a. True
b. False
Indicate whether the statement is true or false
True
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
In a monetary system, people will exchange a good for
a. another good. b. a service. c. money. d. gold or other precious metals.
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
When the marginal cost curve of the monopolist shifts upward, there will be
A) an increase in both price and quantity. B) an increase in price but a decrease in quantity. C) a decrease in price and in marginal revenue. D) a decrease in quantity and a decrease in marginal revenue.