An entrepreneur is willing to bring a supply of goods to the market if expected:
A. average total cost is greater than expected price.
B. average revenue is equal to expected price.
C. price and expected average total cost are equal.
D. price is greater than expected average total cost.
Answer: D
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In the New Keynesian open economy model
A) the nominal exchange rate is always fixed. B) prices are flexible. C) net exports depends on the relative price of foreign goods to domestic goods. D) the nominal exchange rate is always flexible.
If you wanted to measure whether the output of an economy was increasing or decreasing across time periods, you would use the real GDP data rather than the nominal GDP data because
What will be an ideal response?
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger decreases from $9 to $8, the price elasticity of demand equals ________ and demand is ________.
A. -19.0; inelastic B. 6.33; elastic C. -0.16; inelastic D. -6.33; elastic
The aggregate demand curve shows the combinations of output and the price level that put the economy on
A. the IS curve. B. the FE line, the IS curve, and the LM curve. C. the FE line and the IS curve. D. the IS curve and the LM curve.