Increased production, but NOT increased inflation, will result in higher
real GDP
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How is a politician similar to an entrepreneur?
A) Each advances a project solely in the public interest. B) Each advances a project only if the expected marginal benefits equal the expected marginal costs. C) Each advances a project only if the expected marginal benefits exceed the expected marginal costs. D) Each advances a project only if they impose no negative externalities.
Natural monopolies occur when there are
A) large diseconomies of scale. B) external economies. C) large economies of scale. D) natural resources involved.
Which of the following does NOT explain the extent of trade between Ireland and the U.S.?
A) historical ties B) cultural Linguistic ties C) Gravity Model D) multinational corporations E) large numbers of Irish-Americans
Suppose an individual inverse demand curve is given as P = 2 - 1/2 qi, where qi is the quantity demanded by individual i. There are 50 individual consumers with this identical, individual inverse demand curve. Solve for the market demand curve
What will be an ideal response?