Which of the following determines the quantity demanded of a commodity?
a. The income levels of consumers
b. The price of the commodity
c. The prices of related commodities
d. The number of buyers
e. Consumers' expectations
b
You might also like to view...
Whites are about equally divided over the cause for black poverty being racial inferiority or discrimination
Indicate whether the statement is true or false
Ignoring the government and foreign sectors, there is an unplanned decrease in inventories of $200 billion at the current level of real national income of $12 trillion. From this information, we know that
A) saving equals $200 billion. B) consumption expenditures equal $12 trillion less saving less $200 billion. C) planned investment is $200 billion more than planned saving. D) planned investment is $200 billion less than planned saving.
The firm's expansion path records
a. profit-maximizing output choices for every possible price. b. cost-minimizing input choices for all possible output levels for when input prices expand along with production. c. cost-minimizing input choices for all possible output levels for a fixed set of input prices. d. cost-minimizing input choices for profit-maximizing output levels.
The natural rate hypothesis argues that the economy will:
a. self-correct to the natural rate of inflation. b. require expansionary fiscal policy to reach the natural rate of unemployment. c. self-correct to the natural rate of unemployment. d. require expansionary monetary policy to reach the natural rate of unemployment.