An increase in total revenue will result if
A) demand is inelastic and price decreases.
B) demand is elastic and price decreases.
C) demand is elastic and price increases.
D) demand is unitary elastic and price increases.
B
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If an external benefit is present, then the
A) marginal private benefit curve lies above the marginal private cost curve. B) marginal social benefit curve lies above the marginal private benefit curve. C) marginal social cost curve lies above the marginal private benefit curve. D) marginal social benefit is equal to the marginal social cost. E) marginal social benefit curve is the same as the marginal private benefit curve.
The observation that the money supply is procyclical and leading the level of aggregate economic theory is most closely associated with
A) Lucas and Friedman. B) Friedman and Schwartz. C) Kydland and Prescott. D) David Runkle.
Markets do not always allocate resources efficiently, however, government always does
a. True b. False
An indifference curve provides the set of consumption alternatives that
A. can be purchased for the same amount of money. B. maximize the utility of the consumer. C. yield the same marginal utility for the last unit consumed of each good. D. yield the same total amount of satisfaction.