A curve depicting the relationship between the average price level and the inflation-adjusted quantity of final goods and services produced in the economy is called an
A. aggregate expenditure curve.
B. aggregate demand curve.
C. aggregate supply curve.
D. aggregate income curve.
C. aggregate supply curve.
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Which of the following will happen if the GDP of a country increases and the population remains constant?
A) Income per capita will remain constant. B) Income per capita will increase. C) Unemployment rate will increase. D) Gross national product will decrease.
A museum is NOT a public good if
A) there can be no congestion. B) the museum receives donations from members of the public. C) an entry fee is charged and people are denied entry if they do not pay. D) the general public typically does not go to the museum.
If Slick Shades, a sunglasses manufacturer, contracts with an outside supplier to manufacture the lenses for the sunglasses, this is an example of ________.
A) outsourcing B) divestiture C) backward integration D) forward integration
There are 30 firms in an industry. What happens to that industry's four-firm concentration when the third- and fourth-largest firms merge?
A) Nothing, because their shares are already included in the concentration calculation. B) The industry's concentration ratio will fall. C) The industry's concentration ratio will increase. D) It is impossible to know without more information.