If good x is available free of charge, then
a. good x must be provided by nature.
b. good x must be provided by the government.
c. the private market cannot ensure an efficient allocation of resources in the market for good x.
d. government policy is incapable of increasing total surplus in the market for good x.
c
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Over time in a growing economy, the long run aggregate supply curve will
A) shift inward to the left. B) shift outward to the right. C) become increasingly stee
As a monopolist increases the quantity of output produced, what happens to price (P) and marginal revenue (MR)?
a. both P and MR remain constant b. P is constant, but MR decreases c. P decreases, but MR is constant d. both P and MR decrease, but P falls faster than MR e. both P and MR decrease, but MR falls faster than P
Based on the graph showing the effects of a government budget surplus, a budget surplus would ______.
a. increase the demand curve for loanable funds
b. decrease the demand curve for loanable funds
c. increase the supply curve for loanable funds
d. decrease the supply curve for loanable funds
When calculating the factors which have led to economic growth over the last century, technological change is calculated as:
A. the rate of change of the capital-output ratio. B. the increased productivity of capital. C. a residual, inferred as the leftover growth after accounting for the contributions of other factors. D. the ratio of the marginal products of capital and labor. E. the rate of growth of the output to land ratio.