In the aggregate demand/aggregate supply model, the vertical axis shows the values of ________ and the horizontal axis shows the values of ________.
A. the unemployment rate; the inflation rate
B. the price level; real Gross Domestic Product (GDP)
C. the inflation rate; the unemployment rate
D. real Gross Domestic Product (GDP); the price level
Answer: B
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Supplier power tends to be lower when
a. Suppliers are less concentrated b. There are low costs to switching between suppliers c. Both A&B d. None of the above
If different people own the different stages of production of a commodity, a contract or market relationship helps to minimize transaction risks and creates economic value
Indicate whether the statement is true or false
he? "normal" underlying level of unemployment in the economy is
What will be an ideal response?
Refer to the data. If the consumer's money income were cut from $52 to $28, and the prices of J and K remain at $8 and $4 respectively, she would maximize her satisfaction by purchasing:
Answer the question on the basis of the following two schedules, which show the amounts of
additional satisfaction (marginal utility) that a consumer would get from successive quantities
of products J and K.
A. 3 units of J and 3 units of K.
B. 1 unit of J and 3 units of K.
C. 4 units of J and 1 unit of K.
D. 2 units of J and 3 units of K.