If the economy produces 12 capital goods and 40 consumer goods,
D. this economy has some unemployed resources.
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Assume both the demand for bagels and the supply of bagels increase. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of bagels will rise. B. The equilibrium quantity of bagels will fall. C. The equilibrium price of bagels will rise. D. The equilibrium price of bagels will fall.
Which of the following statements is FALSE?
A) The value of one more unit of a good is the good's marginal benefit. B) A good's marginal benefit is the maximum price people are willing to pay for another unit. C) The maximum price people are willing to pay for one more unit of a good is its value. D) None of the above because all the statements are true.
Which of the following is an example of a nonexcludable product?
A) Internet service for your home computer B) public transportation C) college education D) a public library
According to the real business cycle model, a rightward shift in the long-run aggregate supply schedule would be caused by ________
A) a negative supply shock B) an increase in aggregate demand C) a positive supply shock D) a decrease in aggregate demand