Buyers and sellers of a particular good make up the:
A. supply for the good.
B. demand for the good.
C. market for the good.
D. production possibilities curve for the good.
Answer: C
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When U.S. house prices began to fall in 2007:
A. most people negotiated lower mortgage rates, so few were forced to sell their houses. B. banks made it difficult for homeowners to negotiate higher mortgage rates, which led to a decrease in the supply of houses. C. many Americans were forced to sell their homes because they could no longer take out loans against the rising value of their houses. D. the demand for affordable housing increased, leading house prices to stabilize.
Graphically an increase in the short-run aggregate supply line represents a(n) ________, and a shift leftward of the long-run aggregate supply line represents a(n) ________.
A. adverse inflation shock; shock to potential output B. favorable inflation shock; shock to potential output C. shock to potential output; favorable inflation shock D. shock to potential output; adverse inflation shock
Utility is:
A) a measure of income. B) a measure of savings. C) a measure of satisfaction. D) a measure of expenditure.
Which of the following would result in GDP for an economy equal to $10 trillion?
A) C = $7 trillion I = $2 trillion G = $4 trillion NX = $3 trillion B) C = $6 trillion I = $2 trillion G = $1.5 trillion NX = -$2 trillion C) C = $4 trillion I = $3 trillion G = $2 trillion NX = -$1 trillion D) C = $5 trillion I = $5 trillion G = $2 trillion NX = -$2 trillion