A table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices is known as a:
A. demand figure.
B. demand schedule.
C. demand curve.
D. demand graph.
Answer: B
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What will be an ideal response?
Decreases in the price level will
A) raise consumption because real wealth increases. B) lower consumption because goods and services are less affordable. C) raise consumption because goods and services are more affordable. D) lower consumption because real wealth decreases.
If the nominal gross domestic product (GDP) is $6 trillion for a particular year, and the real GDP is $3 trillion, then the GDP price index is 167
a. True b. False Indicate whether the statement is true or false
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a. 0.45. b. 2.0. c. 2.2. d. 200.