What does the term "marginal change" mean?
A small incremental adjustment to a plan of action
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Of the following countries, which had the highest level of GDP per capita in 2014?
A) the United States B) Italy C) France D) Japan
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
What will be an ideal response?
According to monetarists, a change in the money supply changes:
A. the velocity of money, which in turn changes the nominal GDP. B. investment spending, which in turn changes the nominal GDP. C. the interest rate, which in turn changes the nominal GDP. D. aggregate demand, which in turn changes the nominal GDP.
Because of a decrease in labor costs, a monopoly finds that its marginal cost and average total cost have decreased. The monopoly ________ its price and ________ its quantity
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases