Which of the following is an example of market "production," as used by economists?
A) Katrina works as a cashier at the local produce stand.
B) Heidi makes a pizza for her family's dinner.
C) Garvey takes out a low-cost government loan to start his pet-sitting business.
D) The theatre and film studies department in Fine Art's College stages a play at the local theatre.
D
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In comparison with a perfect competition, a single-price monopolist with the same costs creates a ________ consumer surplus and makes a ________ economic profit
A) smaller; larger B) smaller; smaller C) larger; larger D) larger; smaller
According to the equation of exchange
A. when M rises, P must rise. B. when M rises, V must fall. C. when MV falls, PQ must fall. D. when V rises, Q must rise.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.
Unemployment caused by an increase in job quits would be classified as
What will be an ideal response?