How is economic growth graphically depicted?
A) The long-run aggregate supply curve shifts right.
B) Aggregate demand shifts to the right.
C) Short-run aggregate supply shifts left.
D) The aggregate demand curve shifts to the left.
A
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Where a firm generates beneficial externalities, society would be better off if
A. the firm produced a larger output level. B. the firm reduced its output level. C. a tax was levied on the firm equal to the dollar amount of the externalities. D. price was reduced below marginal private cost.
Bolivia's government attempted to solve some of its problems with inequality of outcomes due to foreign investment in its natural gas resources by:
a. taxing international firms. b. insisting that the firms pay higher wages to workers in the industry. c. shutting down the firms in the wake of protests. d. nationalizing the firms by reclaiming 51% ownership and raising taxes on foreign profits.
Natural monopolies result from:
A. control over an essential natural resource. B. copyrights. C. extensive economies of scale in production. D. patents.
In the short-run, any fall in EP /P, regardless of its causes, will cause
A) an upward shift in the aggregate demand function and an expansion of output. B) an upward shift in the aggregate demand function and a reduction in output. C) a downward shift in the aggregate demand function and an expansion of output. D) an downward shift in the aggregate demand function and a reduction in output. E) an upward shift in the aggregate demand function but leaves output intact.