The curve that displays total planned real spending on goods and services at each price level by households, businesses, the government, and foreign residents is called
A. the aggregate demand curve.
B. the price level curve.
C. the aggregate supply curve.
D. the employment curve.
Answer: A
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Ed Sike was able to increase his net revenue by charging different prices to different customers because
A) his cost of serving different customers varied. B) his marginal costs declined as his sales increased. C) his marginal costs were rising. D) he could distinguish faculty from students at low cost.
An assumption of the neoclassical theory of growth is that
A) people receive only subsistence real GDP per person. B) all technological advances are the result of chance. C) the marginal product of all types of capital increases as more capital is accumulated. D) knowledge has diminishing returns.
Between 1821 and 1930, the U.S. gained a comparative advantage in the production of agricultural goods
Indicate whether the statement is true or false
When an input represents a larger proportion of a firm's total costs, then
A) demand for the input will tends to be less elastic. B) the input demand will not vary significantly with a change in input price. C) the usage of the input cannot be varied in the production function. D) demand for the input will tends to be more elastic.