In the Classical model, the aggregate supply curve determines the
A) price level.
B) inflation rate.
C) level of output.
D) money supply.
C
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Lower personal income taxes
A) decrease disposable income. B) decrease aggregate demand. C) increase transfer payments. D) increase aggregate demand.
Which is the following is true of games, in interactions between oligopolists? a. All games are cooperative in nature
b. Those in cooperative games are assumed to act independently. c. Communication is an important facet of noncooperative games. d. Most games are noncooperative games.
Producing more cabbage is efficient if
a. cabbage production can be increased without reducing production of other goods. b. the opportunity cost of more cabbage is less than its marginal utility. c. society values the additional cabbage more highly than the lettuce it must give up to produce the extra cabbage. d. All of the above are correct.
Given that a country's real output has increased, in which of the following cases can we be sure that its productivity also has increased?
a. The total number of hours worked rose. b. The total number of hours worked stayed the same. c. The total number of hours worked fell. d. Both b and c are correct.