The total amount of output producers are willing and able to produce at alternative price levels in a given time period is known as:
A. Aggregate demand.
B. Aggregate supply.
C. Real GDP.
D. Macro equilibrium.
B. Aggregate supply.
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For a fixed resource like land to be allocated to its highest valued use
a. a good social plan is needed. b. it should be allocated to those who will pay the most. c. it should be taxed at 100 percent of its rental value. d. it should be offered to those who promise to put it to its best use.
Demand is unit elastic whenever
a. price elasticity has an absolute value of 1 b. price elasticity has an absolute value greater than 1 c. price elasticity has an absolute value less than 1 d. price elasticity is negative e. consumers always respond to a one-dollar change in price by decreasing their quantity demanded by one unit
A Chinese company exchanges yuan (Chinese currency) for dollars. It uses these dollars to purchase scrap metal from a U.S. company. As a result of these transactions, Chinese
a. net exports increase, and U.S. net capital outflow increases. b. net exports increase, and U.S. net capital outflow decreases. c. net exports decrease, and U.S. net capital outflow increases. d. net exports decrease, and U.S. net capital outflow decreases.
A firm’s labor input, total output of labor, and product price schedules are given below. If labor is the only variable input, how much labor should the firm employ if the wage rate is $8 per day?
What will be an ideal response?