A nondiscriminating pure monopoly is generally viewed as being ________.
A. productively efficient, but not allocatively efficient
B. both productively and allocatively efficient
C. allocatively efficient, but not productively efficient
D. neither productively nor allocatively efficient
Answer: D
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Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. If the price of oil increases, the demand for ride-on mowers will ________ and the supply will ________.
A. decrease; increase B. increase; decrease C. decrease; decrease D. increase; increase
By better utilizing existing resources, an economy can produce at a point outside of its current production possibilities frontier
a. True b. False
Fighting inflation by slowing the growth of aggregate demand is
a. endorsed by most politicians. b. a convenient way to reduce inflation. c. unpopular with politicians. d. always easily accepted by firms and workers.
When the Fed increases the money supply, the interest rate decreases. This decrease in the interest rate increases consumption and investment demand, so the aggregate-demand curve shifts to the right
a. True b. False Indicate whether the statement is true or false