During an economic expansion, income ________, unemployment benefits ________ and the budget deficit ________.
A. rises; fall; rises
B. rises; rise; falls
C. falls; rise; rises
D. rises; fall; falls
Answer: D
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Short-run equilibrium output is the level of output at which real GDP
A. equals real GDP per capita. B. equals potential output. C. maximizes firm profits. D. equals aggregate expenditure.
Use the following graph to answer the next question.
Which line in the graph above would best illustrate the asset demand for money curve?
A. Line 1 B. Line 2 C. Line 3 D. Line 4
A woman who decides to drive to work rather than take the bus
A) is wasting scarce resources. B) is behaving inefficiently. C) thinks driving is more economically efficient for her. D) is probably paying attention to personal comfort and convenience rather than economic efficiency.
Which of the following markets is an example of an oligopoly?
A) The market for premium apparels B) The market for books C) The market for video games D) The market for wheat