At every point along the aggregate demand curve, GDP and the rate of unemployment remain the same
a. True
b. False
Indicate whether the statement is true or false
False
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When aggregate expenditure is given as Y= 600 + 0.5Y, short-run equilibrium output equals:
A. 800. B. 600. C. 400. D. 1,200.
In a perfectly competitive market, the market price is $23. At the current level of output, a firm has a marginal cost of $28. What should the firm do?
A) produce a larger output to make more profit B) nothing, it is currently maximizing profit C) produce less output to make more profit D) shut down E) raise the price of its product
Rationing goods on the basis of price is a direct result of
A) scarcity. B) queuing. C) government intervention. D) the profit motive.
Proprietorships are
A) the most common form of business organization in the country. B) responsible for most of the profits in the country. C) generally large relative to other business organizations. D) easy to form but difficult to dissolve.