Using the information in Situation 20-1, the equilibrium level of aggregate output is
A) $900
B) $8,000
C) $9,000
D) $10,000
C
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The market demand curve for mousetraps is
A) found by summing the quantities of mousetraps demanded at each income level by each buyer. B) found by summing the prices of mousetraps at each quantity of mousetraps demanded by each buyer. C) the horizontal sum of the individual demand curves for mousetraps of all the buyers. D) Both answers B and C are correct. E) Both answers A and C are correct.
If domestic savings was 2 billion last year and domestic investment was -12 billion, then the current account balance is
A) 10 billion. B) -10 billion. C) 14 billion. D) -24 billion.
A fully funded pension liability is one in which
A) the Pension Benefit Guaranty Corporation insures full benefit payments. B) enough money has been set aside to ensure that the promised pension can be paid out after allowing for interest payments. C) the yield on the pension fund is equal to the inflation rate. D) corporation pension contributions are equal to employee contributions.
Paul Volcker was appointed to head the Federal Reserve System by ________
A) Richard Nixon in 1969 B) Jimmy Carter in 1979 C) Ronald Reagan in 1992 D) Barack Obama in 2009