For economic efficiency, which of the following conditions should be met?
a. Scarcer goods should have lower prices.
b. More abundant goods should have lower prices.
c. More abundant goods should have higher prices.
d. All goods should have equal prices.
b
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In the figure above, what is the MPC?
A) 0.75 B) 1.00 C) 0.50 D) 0.80 E) 0.90
When economists say the quantity supplied of a product has decreased, they mean the:
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
Which of the following letters represents a category included in the expenditure approach?
a. C b. D c. P d. V
When there is a recessionary gap, capital and labor resources are:
A. not being fully utilized. B. misallocated. C. decreasing in number. D. producing beyond their capacity.