Which of the following can be said about a monopoly?
a. Monopolies are always inefficient and are therefore the least desirable form of market.
b. They can cause a shift in the demand curve to benefit society.
c. They may aid in innovation.
d. All of the above are correct.
d
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An economy has a fixed price level, no imports, and no income taxes. An increase in autonomous expenditure of $2 trillion increases equilibrium expenditure by $8 trillion
Calculate the multiplier and explain what happens to the multiplier if an income tax is introduced.
Assume Jack received all As in his classes last semester. If Jack gets all Bs in his classes this semester, his GPA may or may not fall
a. True b. False Indicate whether the statement is true or false
Alternative Outputs from One Day of Labor Wheat (in bushels) Textiles (in yards) United States 12 3 Great Britain 3 12 According to the table above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to Great Britain. e. none of the above
Assume the demand curve is line AD. If price is CB, then in the graph above, consumer surplus is bounded by
A. CAD.
B. CBED.
C. BAE.
D. None of these choices are true.