Aggregate demand is the total value of GDP that
A. all sectors of the economy are willing to purchase at various price levels, all other things unchanged
B. all sectors of the economy are willing to sell at various average price levels, all other things unchanged
C. consumers are willing to purchase at various average price levels, all other things unchanged
D. consumers are willing to purchase at various national income levels, all other things unchanged.
Ans: A. all sectors of the economy are willing to purchase at various price levels, all other things unchanged
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Positive analysis:
A. determines whether the consequences of a policy are desirable. B. recommends whether a policy should be implemented. C. aims at determining only the economic consequences of a particular policy. D. depends on the analyst's values.
The above table shows the total product schedule for Hair Today, a hair styling salon
a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?
Which of the following is uncharacteristic of monopolistic competition in the long run?
a. a large number of sellers in the industry b. zero economic profits c. price in excess of marginal cost d. firms have no excess capacity
A detailed history of business cycles is known as a
A. business cycle chronology. B. trend analysis. C. Hodrick-Prescott filter. D. historical decomposition.