The market demand for an item is
a. the sum of individual demands.
b. steeper for any given price change than the individual demand curves.
c. independent of the number of individuals in the market.
d. determined by dividing the quantity demanded by each individual by the number of individuals in the market.
A
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The above figure shows the relationship between the Joneses' total consumption and total household income. The figure illustrates that the Joneses' total consumption varies
A) directly with their total household income. B) independently of their total household income. C) inversely with their total household income. D) negatively with their income.
What is the relationship between aggregate planned expenditure and real GDP at equilibrium expenditure?
What will be an ideal response?
For a country with a fixed exchange rate, foreign exchange reserves are
A) an asset of the domestic government. B) a liability of the domestic government. C) held by private banks. D) are unnecessary.
The nominal rate of interest is the difference between the real rate and the expected rate of inflation.
Answer the following statement true (T) or false (F)