The aggregate supply curve shows the relationship between the ____ and the ____, holding all other factors constant.
A. price level; quantity of real GDP supplied
B. price level; supply of nominal GDP
C. nominal GDP; price level of real GDP
D. price level; amount of nominal GDP supplied
Answer: A
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Which of the following is the correct way to calculate marginal utility per dollar?
a. Total utility/price b. Change in total utility/price c. Marginal utility/price d. Quantity/price
The law of supply and demand asserts that
a. demand curves and supply curves tend to shift to the right as time goes by. b. the price of a good will eventually rise in response to an excess demand for that good. c. when the supply curve for a good shifts, the demand curve for that good shifts in response. d. the equilibrium price of a good will be rising more often than it will be falling.
Assume the price of good Y with its quantity measured on the vertical axis is $100 and the price of good X with its quantity measured on the horizontal axis is $10. If the consumer's budget is $500, then the absolute value of the slope of the budget line is:
A. 500. B. 1/10. C. 10. D. 100.
Medicaid:
A. helps finance medical expenses for those participating in the TANF and Supplemental Security Income programs. B. has been abandoned in favor of privately provided medical insurance. C. is a program of medical insurance for the aged and retired. D. is a compulsory national health insurance program that only covers preventative medical services.