Cost is a measure of the
a. seller's willingness to sell.
b. seller's producer surplus.
c. producer shortage.
d. seller's willingness to buy.
a
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The immediate effect of a purchase of a government bond on the gross domestic product (GDP) is_____
a. a decrease in consumption b. an increase in government spending c. an increase in investment d. a decrease in investment e. nonexistent, since no real goods and services have been produced
When a bank loan is repaid, the supply of money:
A. is constant, but its composition will have changed. B. is decreased. C. may either increase or decrease. D. is increased.
Figure 8.2 shows demand and costs for a monopolistically competitive firm. At the profit-maximizing output level, the firm's profit is:
A. $1,200. B. $1,050. C. $750. D. $375.