Is wealth the same thing as income?
What will be an ideal response?
No, wealth is different from income. Wealth is the value of what people own. Income, however, is an amount that is received during a given time period.
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A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70 . What would you advise this firm to do?
a. Shut down. b. Increase output. c. Stay at its current output. d. Decrease output. e. Decrease price.
You can find the MRP by multiplying marginal physical product by price for
A. both the perfect competitor and the imperfect competitor. B. neither the perfect competitor nor the imperfect competitor. C. only the perfect competitor. D. only the imperfect competitor.
Suppose policy makers implement an unexpected fiscal expansion. Further assume that monetary policy is expected to keep interest rates constant in response to this unexpected fiscal expansion. Given this information, we would expect that
A) stock prices will rise. B) stock prices will remain constant. C) this policy will have an ambiguous effect on stock prices. D) the effect on stock prices will depend on the slope of the IS curve.
Supply-side inflation is caused by increases in aggregate supply.
Answer the following statement true (T) or false (F)