The shape of the demand curve for labor shows how responsive firms are to changes in wages.
Answer the following statement true (T) or false (F)
True
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Which of the following is NOT a non-price determinant of demand?
A) the price of the good or service B) tastes and preferences C) expectations of future prices D) prices of related goods and services
If the actual price level is lower than the expected price level reflected in long-term contracts,
a. many firms will find production more profitable than they had expected and will increase the quantity of output supplied b. many firms will find production less profitable than they had expected and will decrease the quantity of output supplied c. many firms will find production more profitable than they had expected and will decrease the quantity of output supplied d. many firms will find production less profitable than they had expected and will increase the quantity of output supplied
A decision to join a free trade association, such as NAFTA, is an example of ________ policy.
A. monetary B. structural C. fiscal D. normative
If consumption expenditures are $220 million, investment expenditures are $50 million, imports are $20 million, exports are $10 million, government spending on goods and services is $40 million, Social Security spending is $15 million, and sales of existing homes equals $50 million, then what is the measure of GDP?
A. GDP = $195 million B. GDP = $300 million C. GDP = $185 million D. GDP = $225 million