Graphing the value of marginal product against the quantity of a given input hired looks like which of the following curves?
A. The total product curve
B. The total revenue curve
C. The demand curve
D. The value product curve
C. The demand curve Q
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According to this Application, the recession in 1981 was caused by
A) the government cutting back on aggregate demand to reduce inflation. B) increasing oil prices which resulted in a decrease in aggregate supply. C) massive immigration from Europe to the United States. D) an decrease in aggregate supply resulting from U.S. bank collapses.
Negative externalities arising from the production of a good
A. cause an increase in the demand for the good. B. cause a decrease in the demand for the good. C. impose costs on third parties. D. bring private costs into equality with social costs.
________ in the domestic interest rate causes the demand for domestic assets to shift to the left and the domestic currency to ________, everything else held constant
A) An increase; appreciate B) An increase; depreciate C) A decrease; appreciate D) A decrease; depreciate
The economic model of demand
a. explains the consequences of a change in buyers' tastes, but not the causes b. explains the causes of a change in buyers' tastes, but not the consequences c. explains both the causes and consequences of a change in buyers' tastes d. explains neither the causes nor the consequences of a change in buyers' tastes e. ignores buyers' tastes because they are too unstable to include in the model