Bad health is an example of:
A. a poverty trap.
B. a societal trap.
C. a social digression.
D. None of these is true.
Answer: A
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The satisfaction a person receives from consuming goods and services is called
A) contentment. B) wealth. C) utility. D) psychic income.
The slope of the short-run aggregate supply curve shows that:
A. as overall price levels increase, firms are willing to produce more. B. as overall price levels decrease, firms are willing to produce more. C. firms are constrained to a certain level of output in the short run, regardless of the price. D. firms are constrained to a certain price in the short run, regardless of level of output.
There exist only two causes of monopoly: barriers to entry and government restrictions.
Answer the following statement true (T) or false (F)
The aggregate demand curve tells us equilibrium real GDP at any level of income
a. True b. False