Demand applies to which of the following?
A. labor market
B. fast food
C. education
D. all of these
Answer: D
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If the economy is in short run equilibrium then
A) real GDP equals potential GDP. B) nominal GDP equals potential GDP. C) real GDP cannot be equal to potential GDP. D) real GDP can be greater than, less than, or equal to potential GDP.
Which of the following statements is (are) correct?
a. Both the monetarists and classicists agree that output is completely supply determined, even in the short run b. The monetarists do not agree with the classical position that monetary policy cannot be used to influence output. c. According to both the monetarists and the classicists, output is determined by demand side factors in the short run d. None of the above
Which one of the following items would be the most liquid?
a. Pizza. b. Ticket to next week's basketball game. c. Stereo. d. Dollar bill. e. U.S. savings bond.
Which of the following explains how domestic consumers and domestic producers are affected by imports when free trade is allowed?
a. Domestic consumers gain more from imports than domestic producers lose. b. Domestic losses from imports are offset by gains within developing countries. c. Consumers and producers both benefit from imports when free trade is allowed. d. Consumer losses from imports are offset by gains experienced by producers.