Which of the following is an example of an identical product?
A. Wheat
B. Cars
C. Apartment buildings
D. Accounting services
A. Wheat
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In which year did the United States account for half the world's manufacturing output?
A. 1925 B. 1945 C. 1965 D. 1985
The maximum legal price that can be charged in a market is:
A. the market equilibrium price. B. a price floor. C. a price ceiling. D. an ad valorem tax.
Figure 33-8
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In Figure 33-8, which of the following movements reflects the closing of a recessionary gap with an expansionary monetary and fiscal policy?
A. C to B B. D to C C. C to E D. D to E
Aggregate demand is
A. the total quantity of all goods sold in an economy in a year. B. the sum of all planned expenditures for the economy. C. the horizontal summation of all demand curves for a product. D. the horizontal summation of all demand curves for state, local, and federal governments and business firms.