An increase in the price level in an economy will _____
a. shift the aggregate demand curve to the right
b. shift the aggregate demand curve to the left
c. increase the quantity of real gross domestic product (GDP) demanded
d. decrease the quantity of real gross domestic product (GDP) demanded
e. increase the aggregate expenditure
d
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The players in a game theory situation often do not act in their joint interest because of which of the following?
A) They do not realize the benefit of cooperation. B) Players strive to minimize their opponents' profits. C) Players do not understand the game and its payoffs. D) It is not in each player's self-interest to cooperate. E) Players understand the game but they do not know which action(s) will benefit their joint interest.
The agency problem can be avoided if
A) the firm is not subject to regulation by a government agency. B) the manager and owner can manipulate reported profit. C) the firm has positive profits. D) the goals of the owner and manager are aligned.
Suppose that the marginal benefit of an activity is less than the marginal cost, then:
A. the net benefit would be increased by reducing the amount of the activity. B. the net benefit would be decreased by reducing the amount of the activity. C. the net benefit would be increased by increasing the amount of the activity. D. there can be no marginal improvement by changing the amount of the activity.
If the percentage change in price is 10 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.