An economy can increase its total output of goods and services if it
a. increases the hours of work or output per hour.
b. increases the hours of work or decreases output per hour.
c. decreases hours of work or decreases output per hour.
d. decreases hours of work and decreases output per hour.
a
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The aggregate demand for home input can be written as a function of: I. Real exchange rate. II. Government spending. III. Disposable income
A) I only B) III only C) I and III D) II and III E) I, II, and III
In autarky,
a. each country's consumption possibilities are the same as its production possibilities b. equilibrium is attained with the maximum gains from specialization and trade c. equilibrium is attained with the maximum amount of international trade d. a nation has such a high standard of living that there are technically no poor people e. a nation is governed by an individual with absolute authority
In general, the two extreme cases of market structure models are represented by:
a. monopolistic competition and oligopoly. b. oligopoly and monopoly. c. oligopoly and perfect competition. d. perfect competition and monopoly. e. perfect monopoly and oligopolistic competition.
As the price of cookies increases, firms that produce cookies will:
A. increase the supply of cookies. B. increase the quantity of cookies supplied. C. decrease the quantity of cookies supplied. D. decrease the supply of cookies.