For private goods, market demand is the ________ summation of individual demand curves and for public goods, market demand is the ________ summation of individual demand curves.
A. vertical; horizontal
B. horizontal; vertical
C. horizontal; horizontal
D. vertical; vertical
Answer: B
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A correlation between two variables implies that:
A) there is a cause-effect relationship between the two variables. B) it is impossible to measure one variable without measuring the other. C) there is a mutual relationship between both the variables. D) when one variable changes, the other variable always changes by exactly the same amount.
When Sidney's Sweaters, Inc makes exactly zero economic profit, Sidney, the owner
A) is taking a loss. B) will shut down in the short run. C) makes an income equal to his best alternative forgone income. D) will boost output.
If an economy's equilibrium output is $700 and potential gross domestic product is $1,000 . then a recessionary gap of $100 exists in the economy
a. True b. False Indicate whether the statement is true or false
If exports are $500, GDP is $8000, government purchases are $1200, imports are $700, and investment is $800, then consumption is $6200
a. True b. False Indicate whether the statement is true or false