For a monopoly, the socially efficient level of output occurs where
a. marginal revenue equals marginal cost.
b. average revenue equals marginal cost.
c. marginal revenue equals average total cost.
d. average revenue equals average total cost.
b
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For barter to occur there has to be
A) a commodity to serve as a medium of exchange. B) a single coincidence of wants. C) a double coincidence of wants. D) a formal market where prices are quoted.
The GDP deflator is 100 times the ratio of ________
A) GDP to GNP B) GNP to GDP C) real GDP to nominal GDP D) nominal GDP to real GDP
An increase in the interest rate, other things constant, will: a. shift the demand for loanable funds curve to the right. b. shift the demand for loanable funds curve to the left. c. decrease the quantity of loanable funds supplied
d. decrease the quantity of loanable funds demanded. e. shift the supply of loanable funds curve to the right.
If the demand for land shifts upward, rents will be
a. earned by some land that was formerly unprofitable. b. lost to many landowners. c. diminished for society as a whole. d. taxed away to help pay the costs of government.