In the aggregate expenditures model, if an economy operates below equilibrium GDP, there will be:
a. unplanned inventory depletion.
b. unplanned inventory accumulated.
c. a decrease in GDP.
d. a decrease in employment.
a
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The elasticity of supply for paintings by Monet is
A) perfectly elastic. B) perfectly inelastic. C) unit elastic. D) inelastic.
If the price elasticity of demand is less than 1, then consumer demand is
A) unrelated to the elasticity of demand. B) inelastic. C) elastic. D) unitary elastic.
Suppose that when the price of broccoli is $4 per pound, buyers wish to buy 500 pounds per day and sellers wish to sell 800 pounds per day. In this case:
A. excess supply will lead the price of broccoli to fall. B. excess demand will lead the price of broccoli to rise. C. excess demand will lead the price of broccoli to fall. D. excess supply will lead the price of broccoli to rise.
Nothing raises the standard of living more than a greater
A. abundance of goods. B. effort of production. C. population. D. number of import tariffs. E. All of the above are true.