Starting from long-run equilibrium, the long-run impact of an increase in autonomous investment, compared to the original equilibrium, is:
A. higher inflation and the same output.
B. lower inflation and lower output.
C. higher inflation and higher output.
D. lower inflation and the same output.
Answer: A
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The price paid by a tenant to rent an apartment most closely reflects the cost to the
A) landlord of constructing (or purchasing), maintaining, and operating the apartment. B) landlord of not renting to someone else. C) society of the opportunities thereby forgone. D) tenant of finding an alternative place to live.
If the Chinese government sets a price ceiling below the equilibrium price, the result will be to
A) increase total surplus. B) create deadweight loss. C) increase surplus and create deadweight loss. D) eliminate deadweight loss.
The prisoner's dilemma:
A. can be summarized in a payoff matrix. B. can involve two players. C. leads to a less-than-ideal outcome for all players. D. All of these statements are true.
Answer the following statements true (T) or false (F)
1. The Patient Protection and Affordable Care Act (PPACA) bans the previous practice of insurance companies to deny coverage based on preexisting conditions. 2. One way that the Patient Protection and Affordable Care Act (PPACA) hope to foster competition among health insurance companies is through so-called insurance exchanges. 3. The Patient Protection and Affordable Care Act (PPACA) will set up so-called insurance exchanges where consumers can compare various insurance policies that meet certain government-set standards. 4. One of the taxes included the Patient Protection and Affordable Care Act (PPACA) to generate revenue is a tax on junk food.