Utility refers to the:
A. satisfaction that a consumer derives from a good or service.
B. rate of decline in a product demand curve.
C. relative scarcity of a product.
D. usefulness of a product.
Answer: A
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In the above figure, the competitive firm will employ the quantity of labor
A) equal to Lc. B) equal to Lb. C) less than Lb. D) greater than Lc.
Which of the following will occur when the central bank pursues expansionary monetary policy?
A) a leftward shift in the money demand curve and a leftward shift in the money supply curve B) a rightward shift in the money demand curve and a leftward shift in the money supply curve. C) a leftward shift in the money demand curve and a rightward shift in the money supply curve. D) a rightward shift in the money demand curve and a rightward shift in the money supply curve. E) none of the above
A decrease in government spending would cause which of the following to happen?
A. The aggregate supply curve would shift to the left. B. The aggregate demand curve would shift to the right. C. The aggregate supply curve would shift to the right. D. The aggregate demand curve would shift to the left.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher