Street lights are an example of a public good provided at the local level
Indicate whether the statement is true or false
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Long-run macroeconomic policies concentrate on:
A) minimizing fluctuations around potential GDP. B) maximizing fluctuations around potential GDP. C) incentives for increasing productivity and the potential output of the economy. D) none of the above.
The aggregate demand curve is drawn downward-sloping, because increases in the price level cause decreases in:
a. unemployment. b. total spending (real GDP). c. households' savings. d. the value of the dollar.
When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included?
a. Your full room-and-board expenses should always be included. b. None of your room-and-board expenses should ever be included. c. You should include only the amount by which your room-and-board expenses exceed the income you earn while attending college. d. You should include only the amount by which your room-and-board expenses exceed the expenses for rent and food if you were not in college.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers decreased from $15 to $13, which of the following can be said with certainty?
A. Only Bob's Hardware will experience a drop in producer surplus. B. Bob's Hardware would continue to participate in the market. C. Bob's Hardware would no longer participate in the market. D. Total producer surplus would decrease.