The amount of wealth that an individual wishes to hold as money is determined by
a. the price level
b. the price level and real income
c. real income
d. real income and the interest rate
e. the price level, real income, and the interest rate
E
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The table above gives the demand schedule for museum visits
a. You, as the resident economist, have been given the task of maximizing the museum's total revenue. What admission price should you charge? b. What is the elasticity of demand between $6 and $4? c. Moving along the demand schedule from $10 to $8 to $6 and ultimately to $4, how does the price elasticity of demand change in size?
Suppose that the production function for an economy is graphed with Real GDP on the vertical axis and labor on the horizontal axis. When the level of capital in this economy rises, it causes ____________________which shifts the LRAS curve ____________ resulting in ______________________
A) a movement down along a given production function; leftward; a shrinking economy B) the production function to shift downward; leftward; a shrinking economy C) a movement up along a given production function; rightward; economic growth D) the production function to shift upward; rightward; economic growth
Which of the following goods is least likely to be in a market basket?
A. Streetlamps B. Airfare C. Coffee beans D. Shuttle service
In the national income accounts, the purchases of durables, nondurables, and services by households are classified as:
a) consumption. b) investment. c) net exports. d) government purchases.