The growth rate of output of the entire economy is called
A. factor growth.
B. labor productivity growth.
C. per-capita output growth.
D. output growth.
Answer: D
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
According to this model, if the government uses a uniform standard
Suppose that two firms, X and Y, face the following abatement costs: MACX = 1.2AX, MACY = 0.3AY TACX = 0.6AX2 TACY = 0.15AY2 Further assume that the combined abatement standard is 40 units for both firms. a. firm Y would face a marginal abatement cost that is higher than that for firm Y b. that standard would achieve a cost-effective solution c. firm Y should do more of the abating and firm X should do less to move closer to a cost-effective solution d. firm X’s marginal abatement cost would be $48, and firm Y’s marginal abatement cost would be $12
Charlie's Chimps is a perfectly competitive firm that produces cuddly chimps for children. The market price of a chimp is $10, and Charlie's produces 100 chimps. The marginal cost of the 100th chimp is $9. Charlie's ________
A) is maximizing its profit B) will maximize its profit if it produces more than 100 chimps C) will maximize its profit if it lowers the price to $9 a chimp D) will maximize its profit if it produces fewer than 100 chimps
In the dynamic aggregated demand and aggregate supply model, if AD shifts faster than AS,
A) deflation occurs. B) stagflation occurs. C) inflation occurs. D) disinflation occurs.