The total fiscal expenditure in a country during a particular year was $3.5 million. If the government borrows $1.2 million to meet this expenditure, then total tax revenue was:
a. $4.7 million.
b. $3.2 million.
c. $2.3 million.
d. $1.2 million.
c
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If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely
A) shift leftward. B) shift rightward. C) remain unchanged. D) become steeper.
The above table gives the demand and supply schedules for Blu-ray discs. If the price of a Blu-ray disc is $8, there is a ________ and the price of a compact disc will ________
A) shortage; rise B) shortage; fall C) surplus; rise D) surplus; fall
To economists, the main difference between the short run and the long run is that:
A. the law of diminishing returns applies in the long run, but not in the short run. B. in the long run all resources are variable, while in the short run at least one resource is fixed. C. fixed costs are more important to decision making in the long run than they are in the short run. D. in the short run all resources are fixed, while in the long run all resources are variable.
The aggregate demand curve shows a ________ relationship between ________ and aggregate output ________.
A. positive; the interest rate; demanded B. negative; the price level; demanded C. positive; the price level; demanded D. negative; the price level; supplied