Economic growth is defined as
A) an increase in the nation's population.
B) a sustained expansion of production possibilities.
C) an increase in the wage rate.
D) a decrease in the rate of inflation.
E) an increase in employment.
B
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A cost that spills over onto individuals not directly involved in an activity is called a positive externality
a. True b. False Indicate whether the statement is true or false
This curve shows there is a(n) ______ relationship between the quantity of real GDP supplied and the overall price level.
a. neutral
b. positive
c. inverse
d. complementary
Price discrimination is best defined as
A. The selling of an individual good at different prices to different consumers by a single seller. B. The selling of differentiated goods to consumers at different prices. C. Charging an excessive price for a product. D. The charging of different prices by different companies for the same product.
The fundamental objective of monetary policy is to assist the economy in achieving a ________.
A. balanced budget consistent with full-employment B. money supply, which is based on the gold standard C. rapid pace of economic growth D. full-employment, noninflationary level of total output