For a common resource, efficiency requires that the ________ equals the ________
A) marginal private benefit; marginal private cost
B) marginal social benefit; marginal social cost
C) marginal private benefit; marginal social benefit
D) marginal social cost; marginal private cost
B
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The aggregate demand curve plots
A) total expenditures against the level of employment. B) desired expenditures against production. C) employment against the price level. D) planned expenditures against the price level.
Which of the following is included as investment in GDP?
i. cars produced during the year but unsold at the end of the year ii. new capital equipment produced and purchased during the year iii. purchases of a company's stocks and bonds A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year? A) China's population = 500 million; India's population = 125 million B) China's population = 8.3 billion; India's population = 1.1 billion C) China's population = 1.3 billion; India's population = 1.1 billion D) China's population = 3.5 billion; India's population = 1.1 billion
Unlike the Classical economists, Keynes believed that money could affect real economic activity through its effects on
A) the price level. B) the interest rate. C) savings. D) velocity.