Aggregate demand is the total demand for
a. all intermediate and final goods.
b. all monetary investments.
c. real and financial investments.
d. all final goods and services.
d
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If the world price for good A is above the domestic price for good A without trade, then consumer surplus will ________ and total economic surplus will ________ with trade.
A. increase; decrease B. decrease; increase C. decrease; decrease D. increase; increase
Inducements to act in particular ways are called
A) collusive tactics. B) incentives. C) trade-offs. D) opportunity costs.
The discount rate is the
A) banks' real interest rate. B) interest rate at which the Fed will loan reserves to commercial banks. C) interest rate banks charge the Fed when the Fed borrows from the banks. D) name of the interest rate banks charge their most credit-worthy borrowers. E) interest rate paid on U.S. government securities.
If an 8 percent decrease in the price of lobster leads to a 15 percent decrease in the quantity of lobster supplied, then the supply of lobster is
A) unitarily elastic. B) elastic. C) unit elastic. D) perfectly inelastic.