Which of the following will result in a decrease in a consumer's purchasing power?
A) A decrease in the consumer's income
B) An increase in the price of the good on the vertical axis
C) An increase in the price of the good on the horizontal axis
D) all of the above
D
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According to your textbook, a scientist of any kind
A) works with some assumptions and biases. B) never confront tradeoffs. C) offer only the best evidence to support his or her theory. D) be the best candidate for the Nobel Prize in Economics.
When drawn against the real interest rate, output supply increases if
A) current government expenses increase. B) future government expenses increase. C) current total factor productivity increases. D) the money supply increases.
The receipt of a Social Security benefit check would be considered part of
a. GDP. b. NI. c. NNP. d. PI.
In long-run equilibrium, each monopolistically competitive firm can earn positive economic profits due to economies of scale
a. True b. False Indicate whether the statement is true or false