Which of the following would cause a decrease in aggregate demand?
A. a rise in wages
B. an increase in the price level
C. an increase in the money supply
D. a fall in investor confidence
Answer: D
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Economics is the study of ________ and its ________ (Fill in the blanks:)
)A) greed; desirable consequences B) choice; unintended consequences C) money; financial consequences D) competition; legal consequences
When the Rent-A-Limo Company negotiates its new labor contract it finds that the wages it must pay drivers have increased
How does this wage hike affect the Rent-A-Limo Company's average fixed cost, average variable cost, average total cost, and marginal cost?
Consumer surplus is
a. the amount by which quantity supplied exceeds quantity demanded at the current market price b. the amount by which quantity demanded exceeds quantity supplied at the current market price c. the change in total utility derived from a one-unit change in the consumption of a good d. the difference between the price of the good paid by the consumer and the costs of production to the seller e. the difference between the maximum amount that a consumer is willing to pay for a given amount of a good and the amount that the consumer actually pays
An increase in the demand for a good means that:
a. the demand curve has shifted to the left. b. the good's price has fallen and, as a result, consumers are buying more of the good. c. the good has become scarce. d. consumers are willing to purchase more of the good at each possible price.