The horizontal summation of all individual demands at different given prices results in the
a. market supply curve
b. individual supply curve
c. individual demand curve
d. equilibrium demand and supply curves
e. market demand curve
E
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If you are earning $20,000 this year and the CPI is 165, your real income in base year prices is
A) $121.21. B) $12,121.21. C) $20,000. D) $16,500. E) $33,000.
Protecting infant industries from foreign competition may make sense, but only until the industry matures
a. True b. False Indicate whether the statement is true or false
Real GDP is:
a) the nominal value of all goods and services produced in the economy. b) the nominal value of all goods and services produced in the domestic economy corrected for inflation or deflation. c) that aggregate output that is produced when the economy is operating at full employment. d) always greater than nominal GDP.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.