Varying the quantity of output produced and sold at preset prices is called:
A. self-correcting economics.
B. Say's law.
C. meeting demand.
D. spurring inflation.
Answer: C
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On average, people in the United States spend a greater percentage of their income on health care than do people in most other countries
Indicate whether the statement is true or false
Time-series studies of consumption reveal that
A) the long-term saving ratio is rising. B) the long-term saving ratio is falling. C) the long-term saving ratio is constant but the marginal propensity to consume is falling. D) both the long-term marginal propensity to save and the long-term saving ratio are constant.
Suppose you observe a decrease in the equilibrium price and quantity of corn. Of the options listed below, this is best explained by:
A. a decrease in the cost of growing corn. B. an increase in the cost of growing corn. C. a fall in consumer income assuming corn is a normal good. D. a rise in consumer income assuming corn is a normal good.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.