A nonprice determinant of demand refers to something that:
A. affects the price other than demand.
B. affects demand other than the price.
C. determines how large a role prices play in the demand decision.
D. determines how prices are affected by income.
B. affects demand other than the price.
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Compared to the United States, over the last three decades unemployment in Western Europe has been ________ and the rate of job creation has been ________.
A. higher; slower B. higher; faster C. lower; slower D. lower; faster
How will an increase in the government budget surplus as a result of lower government spending (with no change in net taxes) affect private saving in the economy?
A) Private saving will increase by the amount of increase in the budget surplus. B) Private saving will be unaffected by the increase in the budget surplus. C) Private saving will decrease by less than the amount of increase in the budget surplus. D) Private saving will decrease by the amount of increase in the budget surplus.
It is likely that for most people:
A. coffee and non-dairy creamer are substitutes. B. coffee and tea are substitutes. C. coffee and coffee mugs are substitutes. D. coffee and Coke are complements.
The level of real GDP in the long run is called
A) potential GDP. B) short-run GDP. C) frictional GDP. D) low-capacity GDP.