Where can equilibrium GDP be found on a graph?
a. Where the consumption function crosses the 45-degree line
b. Where the 45-degree line crosses the investment function
c. Where the aggregate expenditure function crosses the 45-degree line
d. Where total output is equal to the unplanned inventory change
e. Where the next exports function crosses the 45-degree line
C
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A market is initially in a long-run equilibrium and there is a permanent increase in demand. After the new long-run equilibrium is reached, there
A) are more firms in the market. B) are fewer firms in the market. C) are the same number of firms in the market. D) probably is a different number of firms in the market, but more information is needed to determine if the number of firms rises, falls, or perhaps does not change. E) is no change in the market.
When people decorate the exteriors of their homes with colored lights, they create ________ for the motorists who pass by
A) an external benefit B) a competitive good C) a public good D) an excludable good