If total spending is greater than current output, GDP will rise
a. True
b. False
Indicate whether the statement is true or false
True
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Let C = 300 + 0.75y and I = 200. Assume no government or foreign sectors. Investment needs to decrease by ________ to decrease equilibrium output by a total of $750
A) $75 B) $100 C) $150 D) $187.50
Refer to Figure 4-5. What area represents the deadweight loss after the imposition of the ceiling?
A) C + E + J + H B) C + E C) G + H D) J + H
In the long run in monopolistic competition,
a. economic profits are zero. b. P = MC. c. P = minimum ATC. d. firms have an incentive to leave. e. the demand curve is tangent to the MC curve.
What type of economic system is commonly described as being controlled by an "invisible hand"?
a. A traditional economy. b. A command economy. c. A market economy. d. A communist economy.