In the simple Keynesian model, if aggregate expenditures exceed current output, inventories will ____ and businesses will ____ output.
a. decrease; increase
b. decrease; decrease
c. decrease; not change
d. increase; decrease
a. decrease; increase
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With regard to the Constitution and its interpretation,
(a) the powers reserved for the states included the police powers—local rules, laws and ordinances, including licensing, inspection and the regulation of local business activities. (b) the "common law of England" was in effect, claimed as the right of all Americans and still enforced by England. (c) England was consulted in cases of ambiguity over interpretation of the common law policy. (d) none of the above are true.
For a firm hiring a resource in a perfectly competitive resource market, its demand curve for the resource is its
a. marginal product curve b. marginal revenue product curve c. marginal resource cost curve d. marginal revenue curve e. total revenue curve
If diminishing marginal returns is in effect
A) marginal costs fall. B) marginal costs rise. C) average costs fall. D) average revenue is constant.
Generally, as goods are more broadly defined,
a. demand becomes more price elastic b. demand becomes less price elastic c. total expenditure falls as the price decreases d. the demand curve becomes straighter e. more substitute goods can be identified