Refer to the information provided in Table 24.1 below to answer the question(s) that follow.Table 24.1
Refer to Table 24.1. At an output level of $2,000 billion, the level of aggregate expenditure is
A. $1,500 billion.
B. $1,800 billion.
C. $1,900 billion.
D. $2,000 billion.
Answer: C
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In a laborabundant country, free trade will cause a(n) __________ in the rental of capital and a(n) _________ in the marginal product of capital.
a. increase; increase b. increase; decrease c. decrease; decrease d. decrease; increase
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
An increase in price will lead to an increase in quantity supplied. This statement is
A) the law of supply. B) the law of demand. C) untrue always. D) a normative statement.
Refer to the information provided in Figure 5.7 below to answer the question(s) that follow.
Figure 5.7The above figure represents the market for pumpkins both before and after the imposition of an excise tax, which is represented by the shift of the supply curve.Refer to Figure 5.7. The amount by which the store owners will raise the price of pumpkins after the imposition of the tax is ________ per pumpkin.
A. $1.25 B. $1.75 C. $3.00 D. $7.25