Which of the following would be included in aggregate demand?
a) government's tax collections
b) the quantity of services that firms sell
c) firms' purchases of newly produced machinery
d) the quantity of goods that firms produce
Ans: c) firms' purchases of newly produced machinery
You might also like to view...
When a binding price floor is imposed on a market, a. price no longer serves as a rationing device
b. the quantity demanded at the price floor exceeds the quantity that would have been demanded without the price floor. c. all sellers benefit. d. All of the above are correct.
Using dollar values to calculate GDP is advantageous because
a. people can most easily understand dollar amounts b. it employs a common unit of measurement for very different things c. less valuable goods count the same as more valuable goods d. other methods of calculating production are not as intuitively clear e. money is a universal yardstick for measurement
On the vertical axis, the Phillips curve depicts the
a. the rate of unemployment. b. rate of inflation. c. rate of growth of nominal GDP. d. rate of growth of real GDP.
Which of the following would likely not be a goal of a union?
A. Increasing the size of the union B. Increasing union income C. Increasing wages of union members D. Increasing wages of nonunion members