Contractionary monetary policy involves actions that:
A. reduce the money supply in order to decrease aggregate demand.
B. increase the money supply in order to decrease aggregate demand.
C. reduce the money supply in order to increase aggregate demand.
D. increase the money supply in order to increase aggregate demand.
A. reduce the money supply in order to decrease aggregate demand.
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Total cost divided by the total number of inputs is called:
a. marginal cost b. average cost c. total cost d. variable cost
When there is a tendency for a particular product to fall out favor with additional consumers because other consumers have chosen not to purchase the product
A) negative market feedback occurs. B) positive market feedback occurs. C) the tit-for-tat strategy will begin. D) the network effect will increase.
The cost of education, professional athletes’ pay, and medical services rise faster than the rate of goods and services because their average productivity has remained the same.
Answer the following statement true (T) or false (F)
GDP is an imperfect measure of well-being because
a. it does not measure standards of living. b. it does not include household production. c. it ignores many of the costs of production. d. it excludes many goods produced within markets. e. both b and c.