When the U.S. price level increases, we would expect a:
A. movement downward along the aggregate demand curve.
B. movement up along the aggregate demand curve.
C. shift to the right of the aggregate demand curve.
D. shift to the left of the aggregate demand curve.
B. movement up along the aggregate demand curve.
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An important condition required for economic growth is
A) economic freedom. B) a libertarian government. C) a totalitarian government. D) a democratic government. E) the incentive to limit international trade so that all economic growth remains within the country.
Firms in a small economy planned that inventories would grow over the past year by $300,000. Over that year, inventories actually grew by $400,000. This implies that
A) aggregate expenditure that year was less than GDP that year. B) aggregate expenditure that year was equal to GDP that year. C) there was a planned decrease in inventories that year. D) there was an unplanned decrease in inventories that year.
Which of the following statements about explicit costs is true?
A. They appear on the firm's balance sheet. B. They are the only costs that matter to business owners. C. They usually exceed implicit costs. D. They are difficult to measure.
Refer to the information provided in Figure 13.11 below to answer the question(s) that follow.
Figure 13.11Refer to Figure 13.11. Suppose a monopolist faces the demand and costs in the figure and is able to perfectly price discriminate. How many widgets does the monopoly supply when they act so as to maximize their profits?
A. 200 B. 400 C. 500 D. Indeterminate from the given information.