If price falls, what happens to the quantity demanded for a product?
a. It increases.
b. It decreases.
c. It does not change.
d. Uncertain--economic theory has no answer to this question.
A
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A non-policy reason for the reduction in the natural rate of unemployment is the
a. expansionary nature of monetary policy. b. aging of the U.S. labor force. c. decline in interest rates. d. growing federal budget surplus.
In the short run, there is a direct relationship between:
a. the actual price level and nominal GDP, other things constant. b. the profits and potential output supplied, other things constant. c. the cost of production and the actual profit earned by firms, other things constant. d. the actual price level and real GDP supplied, other things constant.
Economic cost is:
A. Equal to explicit costs minus implicit costs. B. The same as dollar costs. C. Equal to the accounting cost minus implicit costs. D. The value of all resources used to produce a good or service.
According to the World View titled "Income Share of the Rich," in which of the following would the top tenth of the population be most likely to receive the highest percentage of the country's income?
A. Namibia. B. Canada. C. South Africa. D. Japan.