At macroeconomic equilibrium
A) total taxes equal total transfers. B) total consumption equals total production.
C) total investment equals total inventories. D) total spending equals total production.
D
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Competitive pricing is efficient because
A) the price that consumers pay reflects the opportunity cost to society of producing the good. B) firms make positive economic profits in long-run equilibrium. C) average revenue equals average cost. D) firms produce above the minimum efficient scale.
Effective collusion generally is more difficult as the number of oligopolistic firms involved increases
a. true b. false
Other things constant, which of the following will most likely cause the dollar to appreciate on the exchange rate market?
a. higher interest rates in the United States b. a relatively low rate of inflation in the United States c. high rates of income growth in Europe d. all of the above
If a shift in aggregate demand only affects real Gross Domestic Product (GDP), then the short-run aggregate supply (SRAS) curve must be
A. downward sloping. B. horizontal. C. vertical. D. upward sloping.