The two parts of planned aggregate expenditure are ________ expenditures and ________ expenditures.
A. autonomous; induced
B. positive; normative
C. real; nominal
D. inflated; deflated
Answer: A
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Which of the following commodities have a high short-run own-price elasticity of supply?
a. Livestock b. Petroleum c. Food crops d. Diamonds
A price-discriminating firm will always maximize profit by following the condition that
a. MR > MC. b. MR > P. c. MRa = MRb = MC. d. MR = ATC.
The equilibrium price of a good or service is the price
a. at which the current quantity supplied by producers is equal to the potential output. b. fixed by the government so that producers do not over produce and consumers do not over purchase. c. at which all consumers can afford to purchase units of a good or service as long as they provide them with any value. d. at which the quantity supplied by producers is equal to the quantity demanded by consumers.
Which of the following people is frictionally unemployed?
A. A person who is functionally illiterate and is looking for a job in the computer industry B. A steel worker from Allentown, Pennsylvania who is still out of work three years after his plant closed C. An autoworker who is laid off until business picks up D. A homemaker returning to the labor market after a 15-year absence