Which of the following is a desirable characteristic in an economy?
A. growing per-capita output
B. population growing the same rate as output
C. population growing faster than output
D. rapid increase in the general price level
Answer: A
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Which of the following leads to a movement along the demand curve for spinach but does not shift the demand curve for spinach?
A) a rise in the price of spinach B) a newly discovered health benefit from eating spinach C) an increase in the price of broccoli, a substitute for spinach D) an increase in income for all spinach lovers
In the extended classical model, an unanticipated increase in the money supply would cause output to ________ and the price level to ________ in the short run
A) increase; increase B) decrease; remain unchanged C) remain unchanged; increase D) decrease; decrease
General-equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously. B) how an equilibrium is determined in all closely related markets. C) the effects of a change in a market, and all spillover effects in all related markets. D) All of the above.
The above figure shows the demand and supply curves in the market for milk. If the government imposes a quota at 500 gallons, calculate the deadweight loss
What will be an ideal response?