Aggregate demand curves are
A) downward sloping.
B) upward sloping.
C) horizontal.
D) vertical.
A
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Consider two economies with the same GDP per capita: Barylia and Lithasia. The savings rate in Barylia is 20% while the savings rate in Lithasia is 60%
a. Which of these two countries is likely to accumulate capital faster? b. The government in Barylia decides to provide incentive to its citizens to increase the savings rate further to 80% as a means to improve standards of living. Will the increase in savings and thus investment and output translate into improvements in the standard of living?
A sales tax is divided so that the
A) buyers pay the full amount if demand is perfectly elastic. B) buyers pay the full amount if supply is perfectly inelastic. C) sellers pay the full amount if supply is perfectly elastic. D) sellers pay the full amount if demand is perfectly elastic.
Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 40 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
Compared to perfect competition, monopoly
a. provides less output. b. charges a higher price. c. results in higher cost (inefficient) production. d. All of the above are correct.