The absolute price of a commodity is the amount of
a. other goods that must be sacrificed in order to purchase one unit of the commodity.
b. resources required to produce one unit of the commodity.
c. currency needed to purchase one unit of the commodity.
d. time and effort used to develop a market for the buying and selling of the commodity.
c. currency needed to purchase one unit of the commodity.
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In the figure above, if real GDP is $20 trillion, aggregate planned expenditure is ________ $20 trillion and unplanned inventory changes are ________
A) equal to; equals to zero B) less than; negative C) equal to; negative D) less than; positive E) equal to; positive
A virtue of income taxes over sales taxes is that _____
a. they are more comprehensive b. they are more difficult to avoid c. the excess burden of an income tax system is far smaller d. progression can be built into the system
If a monopolist's demand curve shifts to the left such that it becomes tangent to the ATC curve at the output for which marginal revenue equals marginal cost, the monopolist will make only a normal profit
a. True b. False Indicate whether the statement is true or false
For a given price level, which of the following correctly indicates how to find the quantity of real GDP demanded?
a. Where the consumption function crosses the savings curve b. Where the demand for investment curve crosses the labor supply curve c. Where real GDP equals aggregate expenditure d. Where the labor supply curve crosses the consumption function