Refer to the information provided in Figure 3.13 below to answer the question(s) that follow.
Figure 3.13Refer to Figure 3.13. A decrease in the number of cattle ranchers will cause a movement from
A. Point G to Point F.
B. Point A to Point B.
C. S1 to S2.
D. D2 to D1.
Answer: C
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A country reports that when real GDP is $13.0 trillion, aggregate planned expenditure is $14.0 trillion. When real GDP equals $13.0 trillion,
A) planned inventory changes by $1.0 trillion. B) planned inventory changes by -$1.0 trillion. C) both planned and unplanned inventory changes are -$1.0 trillion. D) unplanned inventory changes by -$1.0 trillion. E) unplanned inventory changes by $1.0 trillion.
A person is calculating his permanent income by adaptive expectations. Last year's permanent income was 38,000, this year's actual income is 44,000, and j = 0.25. This year his permanent income is
A) 39,500. B) 42,500. C) 59,000. D) 20,500
A shift in the demand curve occurs when
a. suppliers place more goods on the market. b. the price of a good rises. c. consumers want to buy more or less than before at a given price. d. the price of the good falls.
If a deal looks too good to be true
a. The seller most likely made a mistake b. Be cautious. It probably is too good to be true c. Trust the seller to give you a good deal d. A good deal is a good deal. Go for it.