If the price of monthly satellite TV service increases from $40 to $50, the percentage change is
A) 5 percent. B) 20 percent. C) 25 percent. D) 45 percent.
C
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If a monopolistically competitive firm's marginal cost curve shifts upward, then the amount of output it produces
A) increases. B) stays the same. C) decreases. D) could increase, decrease, or stay the same but more information is needed.
The U.S. experience with tax cuts and tax increases since 1975 suggests that
a. tax cuts always stimulate consumption spending. b. tax changes have a stable and predictable effect on consumption spending. c. temporary tax changes are less effective than permanent changes. d. tax changes have no effect on consumption spending.
Use the following graph, which shows the aggregate demand and aggregate supply schedule for a hypothetical economy, to answer the next question.Real Domestic Output Demanded (in billions)Price Level (index value)Real Domestic Output Supplied (in billions)$500350$3,5001,0003003,0001,5002502,5002,0002002,0002,5001501,5003,0001001,000If the quantity of real domestic output demanded decreased by $500 and the quantity of real domestic output supplied increased by $500 at each price level, the new equilibrium price level and quantity of real domestic output would be ________.
A. 250 and $2,000 B. 200 and $2,000 C. 150 and $1,500 D. 150 and $2,000
The supply curve for land is vertical.
Answer the following statement true (T) or false (F)