Which of the following statements about aggregate accounting is false?
A. It provides a way of measuring how much a nation is producing and consuming.
B. It provides a way of measuring total, or aggregate, production.
C. It is the best way to measure social welfare for an economy.
D. It did not exist before the 1930s because economists focused on microeconomics before the 1930s.
Answer: C
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In peak-load pricing,
A) marginal revenue is equal in both periods. B) marginal revenue in the peak period is greater than in the off-peak period. C) marginal revenue in the peak period is less than in the off-peak period. D) the sum of the marginal revenues is greater than the sum of the marginal costs.
Whenever exports equal imports (and other planned injections equal other planned leakages), the economy
a. remains stable. b. expands. c. contracts. d. inflates.
The buyers and sellers in a resource market are:
a. household and firms respectively. b. banks and farmers respectively. c. households and land owners respectively. d. firms and household respectively. e. exporters and importers respectively.
In the short-run macro model, an increase in the money supply will
a. move the economy to the right along the aggregate expenditure line. b. move the economy to the left along the aggregate expenditure line. c. shift the aggregate expenditure line upward. d. shift the aggregate expenditure line downward. e. cause the aggregate expenditure line to rotate until it is flat.