The short-run aggregate supply curve illustrates the idea that if the price level falls, firms will experience:
A. Falling input costs, so they will increase their output level
B. No change in input costs, so they will not change their output level
C. Falling inputs costs, so they will reduce their output level
D. No change in input costs, so they will reduce their output level
D. No change in input costs, so they will reduce their output level
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If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ________ in the production of that good.
A. comparative advantage B. absolute advantage and possibly a comparative advantage. C. absolute advantage D. comparative advantage and an absolute advantage
The table above shows four methods for producing 10 computer desks a day. If the cost of a worker is $50 a day and the cost of capital is $150 a day, ________ economically efficient
A) method A is B) method B is C) method D is D) method A or C is
Using the same mpc and multiplier as before (we had chosen the example where mpc = 0.8, resulting in mult = 5)
What will be an ideal response?
Arrow's impossibility theorem proves that a. no voting system can satisfy several preferable properties at the same time
b. politicians will never be able to satisfy the median voter. c. politicians will never be able to act fully in the best interests of the public good. d. no voting system will ever depend on the median voter.