The Obama stimulus package was implemented to assist the economy in its recovery from recession. This package was designed to shift
A) aggregate demand to the left.
B) aggregate demand and aggregate supply to the left.
C) aggregate supply to the left.
D) aggregate demand to the right.
D
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If the social cost of producing a good exceeds the private cost,
A) a negative externality exists. B) no externalities exist. C) a positive externality exists. D) the market is efficient.
Economists are often perceived as disagreeing with each other. Is this the way things really are?
a. No, economists agree on much more than is commonly supposed. b. No, the problem is that some economists are smarter than others. c. No, economists "stage" disagreements for public amusement. d. Yes, economists rarely agree on much of anything. e. Yes, economists are unable to analyze problems dispassionately.
Which of the following describes accurately the long run in perfect competition but is not true of the long run in monopolistic competition?
a. The firm produces where ATC is minimized. b. Economic profit is zero. c. Marginal revenue equals marginal cost. d. The firm will fail to produce enough to minimize ATC.
M1 differs from M2 in that:
A. M2 includes savings deposits, small-denomination time deposits, and money market mutual funds that are not included in M1. B. the assets in M2 are more liquid than the assets in M1. C. M1 includes currency and balances held in checking accounts, which are not included in M2. D. M1 is a broader measure of the money supply than M2.