Liability rules are laws that require party A to compensate party B for damages imposed.
Answer the following statement true (T) or false (F)
True
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Mark loves ice cream. At any point in time, he will buy an additional ice cream cone if
A) the marginal benefit from it exceeds the price. B) the marginal benefit from it is zero. C) his willingness to pay is less than the price. D) there is no deadweight loss produced by his purchase of a cone. E) None of the above answers is correct.
Keynes argued that aggregate demand is
a. stable, because the economy tends to return to its long-run equilibrium quickly after any disturbance to aggregate demand. b. stable, because changes in consumption are mostly offset by changes in investment and vice versa. c. unstable, because waves of pessimism and optimism create fluctuations in aggregate demand. d. unstable, because of long and variable policy lags that worsen economic fluctuations.
Figure 7-10
In Figure 7-10, the curve labeled C is
a.
average fixed cost.
b.
average total cost.
c.
average variable cost.
d.
marginal cost.
Final goods and services are ________ production and ________ counted in GDP.
A. used up in the process of; are B. used up in the process of; are not C. the end products of; are D. the end products of; are not