Aggregate supply can be thought of as

A. a fixed amount of output.
B. unrelated to the price level.
C. a schedule of output at different price levels.
D. the volume of goods at the ends of the production possibilities curve.


Answer: C

Economics

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Joe's Taco Hut can purchase a delivery truck for $20,000 and Joe estimates it will generate a net income (after taxes, maintenance and operating costs) of $4,000 per year. His other option is to go to work for someone else earning net income of $3,000 per year. He should:

A. purchase the truck if the real interest rate is less than 5%. B. not purchase the truck if the real interest rate is greater than 1%. C. purchase the truck if the real interest rate is less than 15%. D. purchase the truck if the real interest rate is greater than 5%.

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An important determinant of velocity is the rate of interest.

Answer the following statement true (T) or false (F)

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The circular flow shows that

A) aggregate production equals aggregate expenditure. B) aggregate expenditure is less than aggregate income. C) GDP equals aggregate income. D) Both answers A and C are correct.

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If the demand curve facing a monopoly was 1 unit at $7, 2 units at $6, 3 units at $5, 4 units at $4, and 5 units at $3, at the point along the curve where 3 units are being sold, the elasticity of demand: a. is greater than one

b. is equal to one. c. is less than one. d. cannot be determined from the above information.

Economics