Which of the following phrases indicates that income is being spoken of?
A. Tuesday, at 12:30 p.m.
B. July 14, 1948
C. From January 1 to March 30
D. Yesterday afternoon
Answer: C
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An decrease in the price level in the United States will shift the aggregate expenditure line downward
Indicate whether the statement is true or false
According to economic theory, the real wage should
a. be greater than the price of the product produced. b. equal the marginal physical product of labor. c. be less than the marginal product of capital. d. decline as productivity rises.
A sellers' supply curve represents: a. the private cost borne by the sellers. b. the subsidies received by the sellers. c. the taxes paid by the sellers
d. the social cost borne by the sellers.
Figure 3.5 illustrates the supply of tacos. An increase in the number of Mexican food producers would most likely cause a movement from:
A. point a to point c. B. point c to point a. C. S2 to S0. D. S0 to S2.