Refer to the information provided in Figure 27.1 below to answer the question(s) that follow.
Figure 27.1Refer to Figure 27.1. Suppose the economy is at Point A. A(n) ________ can cause a movement to Point D.
A. decrease in aggregate demand
B. increase in the price level
C. increase in aggregate demand
D. decrease in the price level
Answer: D
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If a 5 percent reduction in the price of a commodity results in a 3 percent increase in the quantity demanded, demand is said to be
a. perfectly elastic. b. elastic. c. unit elastic. d. inelastic. e. perfectly inelastic.
In the decades before the Civil War, the South __________________________.
A. opposed the extension of slavery into the territories B. supported the extension of slavery into the territories C. cooperated with the North to establish both free and slavery territories D. None of the choices are true
Real GDP refers to GDP adjusted:
A) for changes in ruling political party. B) for changes in tax rates. C) for changes in net imports. D) for changes in prices.
The income of the middle person in an income distribution is called the
A) mean income. B) average income. C) median income. D) per capita income.