An increase in the price level will:
a. increase the quantity of RGDP supplied, but not increase short-run aggregate supply.
b. decrease the quantity of RGDP supplied, but not decrease short-run aggregate supply.
c. increase short-run aggregate supply
d. decrease short-run aggregate supply.
a
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Under perfect competition, which of the following are the same (equal) at all levels of output?
a. Price and marginal cost. b. Price and marginal revenue. c. Marginal cost and marginal revenue. d. All of these.
An increase in autonomous consumption has the same equilibrium effect as a(n)
a. decrease in investment. b. increase in investment. c. decrease in net exports. d. increase in taxes.
The trade philosophy of the Clinton administration is best characterized as
A. protectionist. B. mercantilist. C. free trade. D. strategic trade.
A situation in which a benefit or a cost associated with an economic activity spills over to third parties is called
A. a public good. B. a merit good. C. the free-rider problem. D. an externality.