The United States has the most egalitarian distribution of income in the world
Indicate whether the statement is true or false
F
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In the short run, firms expand their production when the price level rises because
A) the money wage rate remains constant so the higher prices for their products makes it profitable for firms to expand production. B) each firm must keep its production up to the level of its rivals, and some firms will expand production as the price level increases. C) the higher prices allow the firm to hire more workers by offering higher wages, thereby increasing productivity and profits. D) firms can increase their profits by increasing their maintenance.
Assume that the equilibrium price for a good is $5 . If the market price is $10, a:
a. shortage causes the price to decline toward $5. b. surplus causes the price to rise above $10. c. shortage causes the price to rise above $10. d. surplus causes the price to decline toward $5.
Macroeconomics is the branch of economics that concerns
a. the behavior of individual actors in the economy b. output in a specific industry c. the overall health of the economy d. the federal government only e. prices in a specific industry
If the marginal propensity to consume is equal to 0.8, the addition of $60 billion in aggregate expenditure will increase national income by
a. $48 billion b. $300 billion c. $60 billion d. $18.8 billion e. $108 billion