Refer to the accompanying figure. Assume the market is originally at point W. Movement to point Y is the result of:
A. a decrease in supply and an increase in quantity demanded.
B. an increase in supply and an increase in demand.
C. an increase in demand and an increase in quantity supplied.
D. an increase in supply and an increase in quantity demanded.
Answer: D
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Money prices are an extremely effective device for promoting social cooperation because
A) most people want money more than they want anything else. B) people are basically selfish. C) scarcity can be eliminated through appropriate changes in money prices. D) they don't change rapidly when circumstances change. E) they help to clarify the options available to people.
Contractionary policies are government stabilization policies intended to decrease:
A. population. B. unemployment. C. spending. D. average labor productivity.
Refer to the information provided in Table 21.5 below to answer the question(s) that follow. Table 21.5
Refer to Table 21.5. Personal consumption expenditures in billions of dollars are
A. 1,400. B. 1,500. C. 1,700. D. 2,300.
Calculate the MPC.
