In the long run a perfect competitor's output is _________ equal to its most efficient output.
A. sometimes
B. always
C. never
B. always
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Keynesian analysis stresses that a tax cut that increases the government's budget deficit or reduces its budget surplus:
a. is appropriate during a period of inflation. b. will increase the money supply. c. will stimulate aggregate supply and, thereby, promote employment. d. will stimulate aggregate demand and, thereby, promote employment.
An economy suffering from high inflation despite low economic growth and high unemployment is experiencing:
A. stagflation. B. an economic boom. C. an economic downturn. D. hyperinflation.
Suppose there are 100 people with identical demand curves. When the price of a movie ticket is $8, the quantity demanded by each person is 5 tickets. When the price is $4, the quantity demanded by each person is 9 tickets. Which of the following is the most likely quantity demanded for the market as a whole when the price is $6?
a. 700 b. 1,200 c. 400 d. 1,000 e. 100
The following figure shows the production-possibility curves of Canada (AB) and the rest of the world (CD). I1 and I2 are community indifference curves for Canada and the rest of the world. Before Canada entered into trade with the rest of the world, the total amount of cotton produced in the world was ________ bales and the total amount of wheat produced in the world was ________ bushels.
A. twenty-four; sixteen B. twenty-four; nineteen C. eighteen; twenty-four D. nineteen; twenty-four