For a given shift in the aggregate demand curve, the flatter the short-run aggregate supply curve, the smaller the increase in real GDP and the larger the increase in the price level
Indicate whether the statement is true or false
false
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As long as a person had to pay a positive price for a good, he would never consume to the point where his total utility was falling with additional consumption
a. True b. False Indicate whether the statement is true or false
Tariff accounts for 32% of the total government revenue in the U.K. and only 1.2% in India
a. True b. False Indicate whether the statement is true or false
A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has a sunk fixed cost of $2,000 per week. Its marginal cost is MC = 3Q2. What is the profit-maximizing output if the price is P = $192?
A. 0 B. 6 C. 8 D. 10
Currently, college graduates are earning about ____ more than high school grads over the course of their careers
a. $100,000 b. $1,000,000 c. 25% d. 60%