In the aggregate demand and supply framework, an increase in the money supply will shift the aggregate
A) demand curve to the right.
B) demand curve to the left.
C) supply curve to the left.
D) supply curve to the right.
C
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Dee's TV Repair is the only TV repair shop in a small town. Dee is a single-price monopolist
Based on the demand and cost information in the table above, what is the amount of economic profit made or loss incurred at the quantity of TV repairs that profits are maximized or losses minimized? A) -$400 B) $800 C) -$100 D) $200
When economists talk about "optimal outcomes" in the marketplace, they mean that
A. The allocation of resources by the market is likely to be the best possible, given scarce resources and income constraints. B. The allocation of resources by the market is perfect. C. All the consumer desires are satisfied and business profits are maximized. D. Everyone who wants a good or service can have it.
A nation's import demand curve for a specific product:
A. is upsloping. B. shows the amount of the product it will import at prices below its domestic price. C. lies above its export supply curve for the product. D. depends on domestic demand for the product, but not on domestic supply.
Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Which statement below is true?
A) Ben can produce spiritual goods more efficiently than Cal. B) Cal can produce material goods more efficiently than Ben. C) Ben can produce material goods more efficiently than Cal. D) Ben can produce both material and spiritual goods more efficiently than Cal.