If the population increases, then potential GDP ________ and employment ________
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
A
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If the supply curve remains constant, an outward shift in the demand curve for a commodity causes the price of factors used in its production to decline
a. True b. False Indicate whether the statement is true or false
In economics, the term marginal refers to:
A. the change or difference from a current situation. B. man-made resources as opposed to natural resources. C. the satisfaction a consumer receives from a good. D. holding everything else constant in the analysis.
If a monopolist is producing a quantity that generates MC < MR, then profit:
A. is maximized only if MC = P. B. can be increased by decreasing production. C. can be increased by increasing production. D. is maximized.
The Laffer curve shows a relationship between
A. tax rates and tax revenues. B. the price level and real Gross Domestic Product (GDP). C. government spending and real Gross Domestic Product (GDP). D. interest rates and investment spending.