The total willingness to pay for a given number of units of a good or service is determined by multiplying the equilibrium price of the good by the number of units purchased
Indicate whether the statement is true or false
FALSE
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The after-tax income received by the household sector is known as ________
A) disposable income B) retained earnings C) net national product per capita D) Gross Domestic Product
Gabby flips a fair coin and it comes up heads. Gabby suffers from the hot-hand fallacy if:
A. she thinks the coin will come up heads on the next flip because it came up heads on the previous flip. B. she thinks the coin will come up tails on the next flip because it came up heads on the previous flip. C. she thinks the coin is less likely to come up heads because it came up heads on the previous flip. D. she thinks the coin is equally likely to come up heads or tails on the next flip.
What would happen if the Fed tried to keep employment above the full-employment level?
a. The long-run aggregate supply curve would shift to the right. b. The aggregate supply curve would shift downward. c. Unemployment would increase. d. The price level would increase. e. The aggregate demand curve would shift to the left.
Which of the following is correct?
a. The labor-force participation rate of women has increased in part due to smaller families. b. The labor-force participation rate of men has decreased in part due to men retiring younger and living longer. c. Both a and b are correct. d. Neither a nor b is correct.