If expected future prices rise, this causes the nation's current:
a. Aggregate demand to fall, the average price level to fall, and real GDP to rise.
b. Aggregate supply to rise, the average price level to rise, and real GDP to rise.
c. Aggregate demand to rise, the average price level to rise, and real GDP to rise.
d. Aggregate supply to fall, the average price level to rise, and real GDP to fall.
e. Aggregate demand to fall, the average price level to fall, and real GDP to fall.
.C
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Included in the official U.S. money supply are
a. U.S. government bonds. b. corporate stocks. c. check able deposits. d. All of these.
The key concept that serves as the basis for the study of economics is:
A. unemployment. B. scarcity. C. opportunity cost. D. money.
Some suggest that many New York taxi drivers set an income goal for the week and finish work once they have achieved that goal. Since the effective hourly wage is higher on busy days, choosing to stop working when a particular income goal is reached is:
A. consistent with an upward-sloping labor supply curve since the quantity of labor supplied is higher when the wage is higher. B. consistent with an upward-sloping labor supply curve since the quantity of labor supplied is lower when the wage is higher. C. inconsistent with an upward-sloping labor supply curve since the quantity of labor supplied is higher when the wage is higher. D. inconsistent with an upward-sloping labor supply curve since the quantity of labor supplied is lower when the wage is higher.
Which of the following is not an example of price discrimination by the only movie theater in town?
A. Charging a lower price for matinees. B. Charging a lower price for people over the age of 65. C. Charging one price at all times for all customers. D. Charging a lower price for children under the age of 12.