Some parents struggling with back-to-school buys. "A couple of years ago, I was able to buy everything practically new," said Charles Lane-Bey, a U.S. Postal Service worker who's struggling to make ends meet
Suppose Charles has $10 to spend on back-to-school clothing for his son, and pants cost 50 cents and shirts cost $1. Which of the following combinations of pants and shirts is affordable? A) 10 pants and 6 shirts
B) 7 pants and 7 shirts
C) 3 pants and 8 shirts
D) 6 pants and 2 shirts
D
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Use the following table, which shows the aggregate demand and aggregate supply schedule for a hypothetical economy, to answer the next question.Real Domestic Output Demanded (in billions)Price Level (index value)Real Domestic Output Supplied (in billions)$500350$3,5001,0003003,0001,5002502,5002,0002002,0002,5001501,5003,0001001,000If the quantity of real domestic output demanded increased by $1,000 at each price level, the new equilibrium price level and quantity of real domestic output would be ________.
A. 150 and $2,500 B. 300 and $3,000 C. 250 and $2,500 D. 200 and $2,000
In some respects, the U.S. has fallen behind other nations
a. True b. False Indicate whether the statement is true or false
Explain the economic assumption that "people are rational."
What will be an ideal response?
The Great Recession of 2007-2009 caused U.S. family wealth to shrink, mostly due to the sharp decline in:
A. Family incomes B. Consumer spending C. Average house prices D. Employment and wages