Protecting endangered species are likely to be
A. a public cost.
B. a private cost.
C. both private and public costs.
D. neither a private nor public cost.
Answer: A
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If an economy is producing a level of output which is higher than the equilibrium level, planned expenditures ________ total output and ________ goods and services are being produced than are being demanded
A) exceed; more B) exceed; fewer C) are less than; fewer D) are less than; more
Refer to the above figure. Suppose the economy is at E originally, when the dollar increases in value. Which aggregate supply curve applies if the value of real GDP increases?
A) 1 B) 2 C) 4 D) 5
If two goods are substitutes, an increase in the price of one will cause the demand for the other to decrease
Indicate whether the statement is true or false
In Figure 10.3, a decrease in the supply of labor will cause the equilibrium:
A. wage and hours of labor used to increase. B. wage and hours of labor used to decrease. C. wage to increase and hours of labor used to decrease. D. wage to decrease and hours of labor used to increase.