The aggregate price level is:
A. a measure of the average price level for GDP.
B. measured by the GDP price deflator.
C. measured by the CPI.
D. All of these statements are true.
Answer: D
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Which of the following is a significant barrier to reducing the damage people do to one another's environment?
A) Low negotiation costs among people B) Property rights clearly assigned to specific persons C) Scarcity of public or common property relative to private property D) All of them. E) None of them.
One of the objections to the supply-side economics is that it tends to ignore the effects of tax cuts on aggregate demand.
Answer the following statement true (T) or false (F)
The demand curve a monopolist uses in making an output decision is
a. the same as the demand curve facing a perfectly competitive firm b. vertical because there are no close substitutes for its product c. horizontal because there are no close substitutes for its product d. the same as the market demand curve e. perfectly inelastic
The market demand curve for a good is found by
a. adding up the quantities demanded by all consumers at different prices of that good b. adding up the quantities demanded by all consumers at different incomes c. adding up the maximum price each consumer is willing to pay for each possible quantity of the good d. varying consumers' total income and determining what prices they are willing to pay e. vertically summing the individual consumers' demand curves