Which of the following is positively related to income?
a. consumption
b. investment
c. government expenditures
d. all of the above
d
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If the supply curve illustrates the quantities producers plan to sell at given prices, and the demand curve illustrates the quantities consumers plan to buy at given prices, then the plans of producers and consumers are fully coordinated at the point
where A) the supply curve lies above the demand curve. B) the supply curve intersects the demand curve. C) the demand curve lies above the supply curve. D) the amount of a good needed by consumers exactly equals the amount supplied by producers.
Refer to Figure 4-1. If the market price is $3.50, what is the maximum number of ice cream cones that Kendra will buy?
A) 1 B) 2 C) 3 D) 4
Suppose nominal GDP is $14 trillion and the money supply is $2 trillion. What is the velocity of money?
A) 0.143 B) 7 C) 12 D) 28
OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short run
a. True b. False Indicate whether the statement is true or false