Which of the following determines the overall price and output in the short run?
A. AD
B. AS
C. Both AD and AS
D. GDP
Ans: C. Both AD and AS
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Which of the following is true if the production of a good gives rise to a positive externality?
A) The marginal social benefit from each level of output exceeds the consumers' willingness to pay. B) The marginal private benefit from production exceeds the marginal social benefit. C) The demand curve for the good shifts to the left in the presence of positive externalities. D) The demand curve for the good shifts to the right in the presence of positive externalities.
The broad field of _____________ would most likely study how all consumers respond to a hike in cigarette taxes.
A. microeconomics B. development economics C. macroeconomics D. labor economics
All of the following can cause conflict between divisions EXCEPT
a. Coordination between divisions does not benefit all divisions equally b. managers of profit centers care too little about the effects of their decisions on other divisions c. corporate executives reward managers based on firm profitability instead of divisional profitability d. corporate executives cannot tell when one divisional manager's decisions are appropriate or not
An example of an intermediate good would be a(n)
a. new car. b. used car. c. new tire for a used car. d. tire for a new car. e. All of the above.