The size of a country's "economic pie" is thought of as the total dollar value of all goods and services produced during some period of time. The economic pie
a. is a fixed total waiting to be divided up among people.
b. determines how much wealth an individual can obtain.
c. is variable, not fixed, across time periods.
d. depends solely upon the natural resources of a country.
C
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A bank can decrease the degree of moral hazard if it
a. Monitors the borrowers behaviors b. Placing covenants on the loan c. Both of the above d. None of the above
An externality refers to the idea that
A) explicit costs differ from implicit costs. B) decision-makers do not internalize all the costs. C) we cannot do anything that does not affect other people. D) private and internal costs differ.
The intersection of the aggregate demand and aggregate supply curves determines the:
A. Productivity level in the economy B. Shape of the aggregate demand curve C. Per-unit cost of production in the economy D. Equilibrium level of real domestic output and prices
Patents
A. create monopolies and are thus efficient. B. are granted for a period of 10 years in the United States. C. slow the flow of benefits from research and development to consumers. D. All of the above are correct.