Which of the following is an aggregate?
A. the number of shoes in one man's closet
B. the bushels of apples one farmer sells
C. the total production of all goods and services
D. the price of a particular textbook
Answer: C
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Part of the contract curve can be found by connecting points
A) a and b. B) a and c. C) b and d. D) c and d.
Which of the following statements best describes the belief among economists about trade?
a. The common belief among economists is that it is better to embrace the gains from trade, and then deal with the costs and trade-offs with other policy tools than it is to cut off trade to avoid the costs and trade-offs. b. The common belief among economists is that it is better to cut off trade to avoid the costs and trade-offs than it is to embrace the gains from trade and then deal with the costs and trade-offs with other policy tools. c. The common belief among economists is that it is better to deal with the costs and trade-offs of trade with other policy tools before embracing the gains from trade, than it is to cut off trade to avoid the costs and trade-offs. d. The common belief among economists is that it is better to cut off trade to avoid the costs and trade-offs, deal with the costs and trade-offs with other policy tools, and then embrace the gains from trade.
If a perfect competitor's ATC curve is above its demand curve for every possible output the firm is
A. losing money in the short run. B. losing money in the long run. C. making a profit in the short run. D. making a profit in the long run.
The "crowding-out effect" suggests that
A. tax increases are paid primarily out of saving and therefore are not an effective fiscal device. B. increases in government spending financed through borrowing will increase the interest rate and reduce private investment. C. it is very difficult to have excessive aggregate spending in our economy. D. consumer and investment spending always vary inversely.