____is the total output produced by a firm.
Fill in the blank(s) with the appropriate word(s).
Ans: Total product
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Which of the following shifts aggregate demand to the right?
a. the Federal Reserve buys bonds. b. a decrease in net exports due to something other than a change in domestic prices. c. an increase in household saving. d. All of the above are correct.
The usefulness of money in carry out transactions is its ________ and the nominal interest rate is its ________.
A. benefit; cost B. cost; benefit C. supply; demand D. demand; supply
Refer to the graph shown. If a competitive industry producing hamburgers is taken over by a pure monopoly firm that maximizes profit:
A. price will remain at $4 but output will fall by 100. B. price will rise to $6 and output will fall by 100. C. price will remain at $6 but output will fall by 100. D. output will remain at 100 but price will rise to $6.
The price of gold is often volatile because:
A. supply is relatively inelastic so changes in demand have a large effect on price. B. supply is relatively elastic so changes in demand have a large effect on price. C. demand is relatively elastic so changes in supply have a large effect on price. D. demand is relatively inelastic so changes in supply have a large effect on price.