Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 million, government purchases are $10 million, and net export spending is $2 million. What is aggregate expenditure?
A) $15 million B) $23 million C) $25 million D) $27 million
C
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Suppose that the equilibrium wage in the low-skilled labor market is $9.25. Further, suppose the federal government raises the minimum wage to $9.00 an hour from its present level of $8.15
The government's action of increasing the minimum wage will result in A) a decrease in unemployment. B) an increase in unemployment. C) a shortage of low-skilled labor. D) neither a shortage nor a surplus of labor in the low-skilled labor market.
Any factor that shifts the demand curve to the left but does not affect the supply curve will lower the equilibrium price and raise the equilibrium quantity
a. True b. False Indicate whether the statement is true or false
In an oligopolistic industry, there are many small firms that produce identical goods at identical costs
a. True b. False Indicate whether the statement is true or false
A black market could arise as a result of:
A. The imposition of a legal price floor below the equilibrium price B. The imposition of a legal price ceiling above the equilibrium price C. The imposition of a legal price floor at the equilibrium price D. The imposition of a legal price ceiling below the equilibrium price