Automatic stabilizers occur ______________, and only offset part of the shifts in aggregate demand.
a. slowly
b. quickly
c. in the long run
d. monthly
b. quickly
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A demand curve is defined as the relationship between
A) the income of consumers and the quantity of a good that producers are willing to sell. B) the income of consumers and the quantity of a good that consumers are willing to buy. C) the price of a good and the quantity of that good that producers are willing to sell. D) the price of a good and the quantity of that good that consumers are willing to buy.
In the figure above, when production is 3 units with a price of $3, the producer surplus in this market equals
A) b + g. B) f + g. C) a + b + f + g. D) a + b + f + g + h + i.
Which of the following is the best example of a stock variable?
a. U.S. GDP in 2008 b. The daily sales of economics textbooks c. Bill Gates' annual salary from Microsoft Corporation d. The total wealth of the 50 richest U.S. citizens e. U.S. government purchases during 2008
Suppose Woody's Cabinetmaking calculates the following information for each cabinet produced in a given month: P = $300; Q = 100; AFC = $10; AVC = $140 . Woody's total profit for that month is
a. $140 b. $150 c. $15,000 d. $30,000 e. impossible to determine