Education is a ________ good that creates a ________ externality.
A. private; positive
B. private; negative
C. public; positive
D. public; negative
Answer: A
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The aggregate demand curve shows the relationship between inflation and:
A. short-run equilibrium output. B. the real interest rate. C. the exchange rate. D. the nominal interest rate.
The price elasticity of demand can range between
A) zero and one. B) negative infinity and infinity. C) zero and infinity. D) negative one and one.
If the MRP of an acre of land were $1,000 and its rent were $500,
A. more land is being used than should be used. B. exactly the right amount of land is being used. C. not enough land is being used. D. only half as much land is being used as should be used.
This profit-maximizing firm charges a price of about ______.
A. $11.70
B. $14.00
C. $15.20
D. $19.00