Aggregate expenditure includes consumption spending, unplanned investment spending, government purchases, and net exports
Indicate whether the statement is true or false
FALSE
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Another term for equilibrium price is
a. dynamic price. b. market-clearing price. c. quantity-defining price. d. balance price.
The replacement ratio measures
a) The number of people in work who could be made redundant without affecting the size of the economy b) The number of people in employment relative to those unemployed c) the benefits available relative to wages that could be earned d) The number of people voluntarily unemployed
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 computer in China is
A. 1/3 of a ton of soybeans. B. 3 tons of soybeans. C. 4 tons of soybeans. D. 1/4 of a ton of soybeans.
Figure 4.3 illustrates the demand for tacos. Assume that tacos and burritos are substitutes. A decrease in the price of burritos would bring about a movement from
A) point a to point c. B) point c to point b. C) D2 to D0. D) D1 to D2.