When economists say the demand for a product has increased, they mean the...
What will be an ideal response?
demand curve has shifted to the right
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When computing gross domestic product, government services are valued at the
A. price consumers pay for them. B. value of the resources used to produce them. C. value of comparable outputs from the private sector. D. value of taxes collected from consumers.
Compared to ideal economic efficiency, when the production of a good generates external costs, competitive markets will result in an output that is too:
A. large and a price that is too high. B. large and a price that is too low. C. small and a price that is too high. D. small and a price that is too low.
In the above figure, if the price level is 110
A. total expenditures exceed total planned expenditures. B. total planned production equals total expenditures. C. total planned production exceeds total expenditures. D. total planned production is less than total expenditures.
Investment and saving are, respectively:
A. income and wealth. B. stocks and flows. C. injections and leakages. D. leakages and injections.