For a given change in demand:
a. The quantity exchanged will change relatively more in the long run than the short run.
b. The quantity exchanged will change relatively more in the short run than the long run.
c. The market price will change relatively more in the short run than the long run
d. Both a. and c. are true.
d
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As disposable income ________ planned consumption expenditure ________
A) decreases; increases B) increases; decreases C) decreases; remains the same, since it is autonomous expenditure D) increases; increases E) increases; changes only if net taxes also change
When it was introduced in 1958, the Phillips curve presented policymakers with a "menu" from which they could choose the appropriate:
a. combination of monetary and fiscal policy. b. combination of inflation and unemployment. c. level of aggregate money supply. d. income tax rate.
As long as a person had to pay a positive price for a good, he would never consume to the point where his total utility was falling with additional consumption
a. True b. False Indicate whether the statement is true or false
In some rural regions of the United States, residents harvest much of their food supplies directly from nature by hunting, fishing, and gathering. With regard to these subsistence activities: a. GDP will overestimate the true value of the nation's production of final goods and services
b. GDP will underestimate the true value of the nation's production of final goods and services only when the income approach is used. c. GDP will correctly estimate the true value of the nation's production of final goods and services. d. GDP will underestimate the true value of the nation's production of final goods and services.