Refer to the above table. When output rises from 3 units to 4 units, marginal costs are
A. $22.
B. $10.
C. $16.
D. $31.
Answer: A
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Assuming the price level has not changed, how would an increase in the aggregate demand affect real GDP?
A) It only changes with changes in exports. B) It increases. C) It only changes with changes in imports. D) It decreases.
When prices rise, the purchasing power of money
A) rises. B) falls. C) is unaffected. D) may rise, fall, or be unaffected depending upon circumstances.
Which of the following will cause the demand curve for beer to shift right?
A) a fall in the price of beer B) a fall in average incomes of beer consumers C) a decline in population D) a successful advertising campaign linking beer consumption to lower cholesterol
When prices of products are set below equilibrium,
a. society's resources are inefficiently allocated. b. firms expand output to increase profits. c. firms earn excessively high profits. d. consumers benefit from surpluses of cheap goods.