Use the following consumption schedule to answer the next question. 
At income level 3, the amount of consumption is represented by the line segment
A. GH.
B. FD.
C. FG.
D. FH.
Answer: A
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The productive skills resulting from previous investments in education and training are called
a. human capital. b. signals. c. compensating differentials. d. nonlabor income.
At the equilibrium price for gasoline:
a. everyone with the desire and the income to buy gasoline at that price can do so.
b. surpluses are inevitable
c. quantity demanded exceeds the quantity supplied.
d. none of the above
What is the total demand for goods and services in an entire economy called?
A. supply and demand B. aggregate demand C. consumer demand D. GDP demand