Real GDP changes when
A) all prices change by the same proportion, but all outputs remain constant.
B) some but not all prices change, but outputs remain constant.
C) some outputs change, but prices remain constant.
D) Both B and C.
D
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An increase in the price of oil ________ aggregate supply, shifting the aggregate supply curve ________ and potentially bringing the ________ phase of the business cycle
A) decreases; rightward; expansion B) increases; rightward; recession C) increases; rightward; expansion D) decreases; leftward; recession E) decreases; rightward; recession
Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay. What is the value of consumer surplus by her customers?
A) $39 B) $28 C) $11 D) $0
The most desirable rate of output for a firm is the output that
A. Maximizes total revenue. B. Minimizes marginal costs. C. Maximizes total profit. D. Minimizes total costs.
If the inflation rate in the U.S. is lower than in other countries, this would be expected to
A. increase U.S. exports. B. reduce U.S. imports. C. increase the demand for dollars. D. All of the choices are true.