Which of the following must be true if good X is a normal good and income increases?
a. The demand for X will increase, and thus the price and quantity sold and bought will decrease.
b. The demand for X will decrease, and thus the price and quantity sold and bought will decrease.
c. The demand for X will increase, and thus the price and quantity sold and bought will increase.
d. The demand for X will decrease, and thus the price and quantity sold and bought will increase.
e. The demand for X will increase, and thus the price and quantity sold and bought will remain the same.
c
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Refer to Figure 23-1. At point L in the figure above, which of the following is true?
A) Actual inventories are greater than planned inventories. B) The economy has achieved macroeconomic equilibrium. C) Aggregate expenditure is greater than GDP. D) GDP will be increasing.
At the end of the day, Gracia's Pizza looks into the cash register to count up the day's total revenue. Another way of calculating its total revenue would be to find
a. price × average revenue b. price × marginal revenue c. price × quantity d. marginal revenue × average revenue e. marginal revenue × marginal cost
"No person can be deprived of life, liberty or property without due process of law, nor shall private property be taken for public use without just compensation."
a. Article 1 of the Declaration of Independence b. The first amendment c. The Eleventh Amendment d. The Fifth Amendment e. None of the above
If the price level rises, what will happen to the level of real GDP supplied?
A. It will usually decrease. B. It will usually increase. C. Nothing. D. It will decrease at first and then increase.