In an open economy, the quantity demanded of TVs in the domestic market will be ________.
A. 120,000
B. 60,000
C. 30,000
D. 90,000
Answer: D
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When output exceeds its full-employment level,
A) the short-run aggregate supply function shifts up. B) wages fall. C) the short-run aggregate supply function shifts down. D) aggregate supply exceeds aggregate demand.
A curve that shows the relationship between the price and quantity supplied during a particular period, all other things unchanged, is the:
A) price curve. B) supply curve. C) quantity function. D) production possibilities curve.
Fighting inflation by slowing the growth of aggregate demand is
A. endorsed by most politicians. B. a convenient way to reduce inflation. C. unpopular with politicians. D. always easily accepted by firms and workers.
We could try to use a powerful computer to construct a macroeconomic model including tens of thousands of demand and supply curves, for every market in the economy. This would not be a useful undertaking because
a. it would not be worth the increased level of complication and effort needed to collect all information b. the model would be simplistic c. the model would inevitably leave out important information d. the suggested prices would inevitably be wrong in each market e. the model would not be realistic