_____ represents the relation between total expenditures, or total spending, and the price level
a. Gross National Product
b. Inflation
c. Real Gross Domestic Product
d. Aggregate supply
e. Aggregate demand
e
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Which of the following is true regarding a normative statement?
i. It uses the ceteris paribus assumption. ii. It is a value judgment. iii. It accounts for opportunity costs. A) i and iii B) ii and iii C) i only D) ii only E) i, ii, and iii
When economic growth occurs it will: a. eventually eliminate scarcity
b. shift the production possibilities curve to the left. c. be a product of luck. d. often result from improved technology.
An economic policy initiative results in the AD curve shifting to the right. As a result,
A) the price level will rise. B) the price level will stay constant. C) the price level will fall. D) Real GDP will rise in the short run. E) a and d
If the marginal product of labor is less than the average product of labor, then the
A. marginal product must be increasing. B. average product must be decreasing. C. marginal product must be decreasing. D. Both B and C