Jessie's demand schedule for candy bars indicates
A. Why she likes candy bars.
B. How much she likes candy bars.
C. How many candy bars she will actually buy.
D. Her opportunity cost of buying candy bars.
Answer: D
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In a society in which everyone lives at the subsistence level, the Gini coefficient is 0.
Answer the following statement true (T) or false (F)
If the social benefit is greater than the private benefit in a particular market, then the socially optimal equilibrium will be at a quantity:
A. greater than the private level. B. equal to the private level. C. less than the private level. D. greater than or less than the private level, depending on the size of the external costs.
If an economy is operating inefficiently, then
a. the economy can increase production of consumption goods without reducing capital goods. b. there is always a positive opportunity cost to increasing output. c. output can only be increased through capital investment. d. output cannot be increased.
Using Figure 11.1, which fiscal policy action would increase aggregate demand from AD1 to AD3?
A. A decrease in government spending. B. A decrease in government spending matched by an equal decrease in taxes. C. A decrease in transfer payments. D. A decrease in taxes.