Noncash gift giving involves value loss when the marginal utility of the gift to the receiver is less than the product price.
a. true
b. false
Ans: a. true
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Which of the following factors influence the position of the long-run aggregate supply curve?
A) government spending B) the supply of money C) the level of full-employment output D) taxes
If the good in the table above is a public good and Pat and all are the only members of society, then the efficient quantity to produce is
A) 2 units. B) 3 units. C) 4 units. D) 5 units.
A production possibilities curve is negatively sloped because: a. unemployment increases as an economy moves down along the curve
b. along the curve, production of one good must be sacrificed in order to increase production of another. c. unemployment decreases as an economy moves down along the curve. d. as the price falls, more goods are purchased.
Lowincomesville is a poor town. The mayor has decided to impose a law to cut all rental rates on apartments in half and to fix them at this level. Will this help the poor? Why or why not? Be sure to distinguish between the short run and the long run