The individual quantity demanded is the amount the ________ is willing to ________ at a given price.
A. buyer, purchase
B. seller, sell
C. seller, purchase
D. buyer, sell
Answer: A
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When Okun's "misery index" is used to judge macroeconomic conditions, inflation is being considered
A) not to be a macroeconomic problem at all. B) a less serious macroeconomic problem than unemployment. C) just as serious a macroeconomic problem as unemployment. D) a more serious macroeconomic problem than unemployment.
Which of the following factors of production is not variable in the long run?
a. the size of the firm's plant. b. property taxes on the assets of the firm. c. highly trained labor. d. All factors of production are variable in the long run.
The market structure in which the largest quantity of output is sold at the minimum possible price is:
a. monopoly. b. perfect competition. c. oligopoly. d. monopolistic competition. e. monopsony.
A recessionary gap exists when aggregate demand is above the full employment level of output
a. True b. False Indicate whether the statement is true or false