Input choices in the present are often affected by past decisions.
Answer the following statement true (T) or false (F)
True
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When an economy is in equilibrium, _____
a. aggregate expenditures are equal to real GDP b. investment spending is equal to consumption spending c. exports are equal to imports d. aggregate expenditures are equal to nominal GDP
Aggregate demand:
A. Refers to the collective behavior of all buyers. B. Reflects the total quantity of output produced. C. Increases when the price level increases. D. Is influenced directly by aggregate supply.
To maximize profits, the monopolist should produce at which
A) MR = MC. B) MC intersects the demand curve. C) total revenue is maximized. D) total costs are minimized.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.