The total of all planned production for the economy is
A. determined only by individuals and firms.
B. aggregate demand.
C. determined only by the government.
D. aggregate supply.
Answer: D
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If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was
A) 310 pounds of candy. B) $180. C) $1,100. D) $1,280.
If the local cable TV company is a natural monopoly and required by regulators to set its price equal to marginal cost, it makes zero profit and produces the efficient level of output
Indicate whether the statement is true or false
Which of the following is NOT a true statement about the WTO and the protection of endangered species?
A) The environmental movement has been critical of the WTO. B) Under WTO rules, countries have a right to impose import barriers to protect endangered species. C) The WTO did not allow the U.S. to protect sea turtles. D) GATT rules prohibit discrimination based on the production process used.
An increase in the cost of building materials will generally lead to a _______ in the ______ curve for new homes.
Fill in the blank(s) with the appropriate word(s).