At macro equilibrium:
A. Exports equal imports.
B. Money supply equals money demand.
C. Population growth is stable.
D. Aggregate demand equals aggregate supply.
D. Aggregate demand equals aggregate supply.
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The price elasticity of demand is a measure of
A) the equilibrium price of a product. B) buyers' responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects the equilibrium price.
Which of the following is true of the wage gap between the top 10% of earners and the bottom 10% of earners in the U.S. economy?
A) The wage gap has increased over time. B) The wage gap has decreased over time. C) The wage gap has remained the same over time. D) There is hardly any wage gap between the top 10% of earners and the bottom 10% of earners in the U.S. economy.
Politicians will usually
A) prefer to discuss means rather than ends. B) prefer to discuss the issues in specific terms rather than in general terms. C) not like to be perceived as either an extreme "right-winger" or an extreme "left-winger." D) refer to their opponents as "middle-of-the-roaders."
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only computers; produce only calculators B. produce only calculators; produce only computers C. split his time between computers and calculators; produce only calculators D. produce only calculators; split his time between computers and calculators