Demand-pull inflation is initiated by an increase in aggregate demand.
Answer the following statement true (T) or false (F)
True
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Answer the following statement(s) true (T) or false (F)
1. The spending needed to maintain the utility level of society to compensate for resources used to achieve a cleaner environment is referred to as explicit environmental costs. 2. Marginal social cost is equivalent to the sum of the market-level marginal abatement costs and the government’s marginal cost of enforcement. 3. Marginal social cost (MSC) of some abatement level, A1, can be determined as the area under the total social cost (TSC) function up to A1. 4. The area under the MSC from the origin up to some abatement level, A0, is the TSC of abating A0 units. 5. The marginal social cost (MSC) curve linked to environmental policy is captured by the supply of the public good, environmental quality.
Which question is an example of a microeconomic question?
A. What should the federal government do to reduce the trade deficit with Japan? B. What factors are contributing to the steep rise in the federal government's total debt? C. Will the merger of two airlines likely lead to higher cost of air travel in the economy? D. Will the inflation rate remain relatively stable this year?
When measuring the substitution effect, one uses the change along
A) the old indifference curve. B) the new indifference curve. C) either the old or the new indifference curve. D) the budget constraint.
In the above table, if this is a perfectly competitive firm and the market price of the product is $10, what is the marginal revenue product of worker 4?
A) $210 B) $100 C) $411 D) $120