Suppose you read in the Irish daily the Dublin Telegraph that saving in Ireland in 2003 was precisely the intended investment Irish businesses had hoped to make. You would conclude that in 2003, the Irish economy was
a. not in equilibrium, and its national income fell
b. not in equilibrium, and its national income rose
c. in equilibrium, and its national income fell
d. in equilibrium, and its national income rose
e. in equilibrium, and no change occurred in its national income
E
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The equilibrium level of aggregate planned expenditure is found where
A) there is no saving and no dissaving. B) net exports is zero. C) aggregate planned expenditure equals real GDP. D) autonomous expenditure equals equilibrium expenditure. E) the price level is rising at a constant rate.
If a consumer's income increases and if all goods are normal goods, explain how the quantity bought of each good changes
What will be an ideal response?
How much do outputs increase when labor and capital increase from 1 to 2 units for the following production function , q = 10L0.5K0.3?
A) 7.4 units. B) 7 units. C) 8 units. D) None of the above.
________________, which produced ______________, is commonly cited as the first American factory
a. The Oliver Evans Mill; flour b. The Almy, Slater, Brown Mill; yarn and thread c. The Boston Manufacturing Company; cotton d. The Whitney Armaments Firm; guns