Which of the following is an accurate description of the aggregate demand curve?
a. It is the sum of all individual demand curves for all products
b. It shows all price levels at which firms' unit costs equal their percent markups.
c. It is the curve decided upon by the voters.
d. It shows the relationship between firms' unit costs and their percentage markups.
e. It shows the equilibrium level of GDP associated with price level.
E
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The price elasticity of demand is a measure of
A) the equilibrium price of a product. B) buyers' responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects the equilibrium price.
An increase in the selling price of the tires that Jim produces will increase the demand for Jim's labor
a. True b. False
The short-run aggregate supply curve is: a. upward-sloping
b. downward-sloping. c. horizontal. d. vertical.
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 If the oranges were grown and the jam produced in the year 2017, but the marmalade was sold at The Corner Store in the year 2018, what is the contribution of these transactions to GDP in the year 2017?
A. $2.75 B. $2.50 C. $2.00 D. $1.25