When resources are used efficiently, you can produce more of one good, ceteris paribus, only by:
a. printing more money
b. charging a lower price for output.
c. charging a higher price for output.
d. producing less of another good.
d
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Which of the following could explain why there is an increase in potential GDP but the equilibrium level of GDP does not rise?
A) SRAS shifted to the right by more than LRAS. B) AD shifted to the right by more than SRAS. C) SRAS and AD do not shift. D) AD shifted to the right by less than SRAS.
If there are only two goods and these are consumed in fixed proportions, the price elasticities of demand for these two goods will sum to:
a. 0.0. b. -0.5. c. -1.0. d. a number between 0 and -1.
Price discrimination often permits some consumers who otherwise would be excluded from a market to buy a good or service
a. True b. False Indicate whether the statement is true or false
The total of individual payoffs in the grand coalition must be less than the value the coalition earns
Indicate whether the statement is true or false