When the price of a product decreases, the marginal revenue product curve in a perfectly competitive market
A) does not change.
B) becomes steeper.
C) shifts to the right.
D) shifts to the left.
Answer: D
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In practice, increases in government spending in an open economy can crowd out
A) net exports. B) consumption. C) investment. D) all of the above
Which of the following is likely to lead to an increase in the gross domestic product of a country?
A) An increase in the tax rates in the country B) An increase in the interest rate in the country C) An increase in the capital stock of the economy D) An increase in the unemployment rate in the country
The Lucas Wedge shows
A) the negative impact inflation has on consumer spending. B) whether a country needs to slow its real GDP growth rate. C) the positive impact lower taxes have on real GDP. D) the negative impact a slowdown in real GDP growth has on potential GDP. E) the increased impact of government spending on real GDP.
Of the 1790 colonist population, over 80 percent was of European origin while about 20 percent was of African origin
Indicate whether the statement is true or false