By the end of the 1960s, many countries felt that they were importing inflation from
A) the United States.
B) Germany.
C) France.
D) Japan.
E) the United Kingdom.
A
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In the above figure, the efficient quantity of milk is
A) 10 million gallons per day. B) 5 million gallons per day. C) zero gallons per day. D) None of the above because all of the quantities are efficient.
Firms should hire additional units of a resource as long as the:
a. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced. b. marginal product of the resource is less than the price of the resource. c. price of the output produced is positive. d. marginal revenue product of the resource exceeds the cost of an additional unit of the resource.
The aggregate demand curve
a. slopes upward. b. slopes downward. c. is perfectly vertical. d. is perfectly horizontal.
If supply increases, then:
A. demand will increase. B. the quantity demanded will increase. C. price will increase. D. the quantity demanded will decrease.