In the aggregate demand-aggregate supply model, economic growth can be illustrated by an
a. outward shift of the aggregate demand curve.
b. inward shift of the aggregate demand curve.
c. inward shift of the aggregate supply curve.
d. All of the above.
a
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The tax incidence on buyers is higher if ________
A) the buyers and sellers of a good are equally sensitive to price changes B) the elasticity of the market demand curve is higher than the elasticity of the market supply curve C) the elasticity of the market supply curve is higher than the elasticity of the market demand curve D) the number of sellers in a market is larger than the number of buyers
Suppose a firm has an annual budget of $200,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner/manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $360,000 per year. What are the annual explicit costs for the firm described above?
A. $160,000. B. $360,000. C. $450,000. D. $90,000.
Why is the marginal revenue product schedule a demand schedule for the individual firm in a purely competitive resource market and selling output in a purely competitive product market?
What will be an ideal response?
A balance-of-trade deficit exists if
A. the dollar value of exports exceeds the dollar value of imports. B. the dollar value of imports exceeds the dollar value of exports. C. money outflows exceed money inflows. D. money inflows exceed money outflows.