If the marginal social cost of producing a product exceeds the marginal social benefit, producers will produce less of it
a. True
b. False
B
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In the above figure, if aggregate demand does not change, the short-run equilibrium will
A) eventually adjust to a long-run equilibrium with a higher price level. B) not adjust on its own. C) eventually adjust to a long-run equilibrium with a lower price level. D) None of the above answers are correct.
If a small change in price will lead to an infinite change in the quantity demanded, then the demand curve is: a. Perfectly elastic
b. Perfectly inelastic. c. Downward sloping. d. non-linear
If voters A, B, and C have the following demand curves for a public library Pa = 5 - Q, Pb = 10 - 2Q, and Pc = 15 - 3Q, then social demand for a public library is:
A. P = 15 - Q. B. P = 30 - 6Q. C. P = 6 - 30Q. D. P = 30 - 3Q.
________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is produced
A) Real gross domestic product B) Gross national product C) Total product D) Nominal gross domestic product A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.