Moving downward and to the right along a linear demand curve, we know that total revenue
a. first increases, then decreases.
b. first decreases, then increases.
c. always increases.
d. always decreases.
a
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According to aggregate demand and supply analysis, the favorable supply shock of 1995-1999 had the effect of
A) increasing aggregate output, lowering unemployment, and raising inflation. B) decreasing aggregate output, raising unemployment, and raising inflation. C) increasing aggregate output, lowering unemployment, and lowering inflation. D) decreasing aggregate output, raising unemployment, and lowering inflation.
Credence goods are particularly susceptible to the lemons problem because
A) they have qualities that are difficult for producers to fully assess. B) they have qualities that are difficult for consumers to fully assess. C) creative responses among producers create volatility in market supply. D) creative responses among consumers create volatility in market demand.
GDP does not count:
A. the estimated value of homemaker production. B. state and local government purchases. C. spending for new homes. D. changes in inventories.
If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible
A) explicit B) marginal C) opportunity D) implicit