A supply curve reveals:
A) the quantity of output consumers are willing to purchase at each possible market price.
B) the difference between quantity demanded and quantity supplied at each price.
C) the maximum level of output an industry can produce, regardless of price.
D) the quantity of output that producers are willing to produce and sell at each possible market price.
D
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Reserves borrowed at the federal funds rate are usually repaid ________.
A. in one year B. the next day C. at the end of the month D. in five years
Refer to the above figure. An increase in aggregate demand beyond real Gross Domestic Product (GDP) level Y1 would result in
A) a lower price level and an increases in real GDP. B) higher real GDP but not a higher price level. C) a lower price level but no change in real GDP. D) a higher price level but no change in real GDP.
Markets work well for allocating ________ efficiently, but not always so well for allocating ________.
A. common resources; public goods B. public goods; common resources C. public goods; private goods D. private goods; public goods
_____ are changes in fiscal policy that stimulate aggregate demand when the economy goes into recession without policymakers having to take any deliberate action
Fill in the blank(s) with correct word