In reality, all economic systems are
A. mixed.
B. capitalistic.
C. democratic.
D. socialistic.
A. mixed.
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Refer to Goods X and Y. Which of the following can cause a parallel, outward shift in the budget line?
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. A rise in the consumer's income. b. A rise in the marginal value of X in terms of Y. c. A fall in the price of good X. d. A fall in the price of good Y.
In the Keynesian cross diagram, an increase in investment spending because companies become more optimistic about investment profitability causes the aggregate demand function to shift ________, the equilibrium level of aggregate output to rise, and
the IS curve to shift to the ________, everything else held constant. A) up; left B) up; right C) down; left D) down; right
Accounting profit is total revenue minus total cost, including both explicit and implicit costs
Indicate whether the statement is true or false
When Lonnie produces 1 pair of cowboy boots his costs total $300. When he produces 2 pairs of cowboy boots his total costs are $500. This means that Lonnie's marginal cost of producing the second pair of cowboy boots is $200.
Answer the following statement true (T) or false (F)