Personal income is national income minus
A. depreciation.
B. net factor income to the rest of the world.
C. imports.
D. the amount of national income not going to households.
Answer: D
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When consumers are willing to buy more than producers are willing to sell
A) there is excess demand for the product in the market. B) the market is in equilibrium. C) the demand curve will shift until the quantity supplied equals the quantity demanded. D) there is excess supply of the product in the market.
The table above shows sales of the firms in the chocolate industry. The four-firm concentration ratio in the industry is
A) 52 percent. B) 65 percent. C) 72 percent. D) 80 percent.
If a 10 percent price increase causes the quantity demanded for a good to decrease by 20 percent, demand is elastic
a. True b. False Indicate whether the statement is true or false
Which of the following statements best describes the perspective of many mainstream economists?
a. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for the long run, and a neoclassical perspective, emphasizing the importance of aggregate supply, for the short run. b. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for the short run, and a neoclassical perspective, emphasizing the importance of aggregate supply, for the long run. c. Many mainstream economists take a neoclassical perspective, emphasizing the importance of aggregate demand, for both the short and long run. d. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for both the short and long run.