Refer to Figure 3-4. At a price of $25, how many units will be sold?
A) 400 B) 500 C) 600 D) 800
B
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Understanding how individual sectors of the economy will respond to changes in key economic variables gives us a better understanding of how the macroeconomy behaves
Indicate whether the statement is true or false
If the government wishes to increase GDP by $1,000b, and the MPC is 0.6, it should increase its spending by:
A. $250b. B. $400b. C. $600b. D. $1,000b.
A good for which demand decreases when income increases is known as a(n) ________ good.
A. normal B. inferior C. complementary D. substitute
If a nation restricts imports, it will:
A. benefit each individual citizen in that nation. B. decrease the total value of goods and services produced in that nation. C. increase the total value of goods and services produced in that nation. D. harm each individual citizen in that nation.