If Y is income, E is actual expenditure, Ep is planned expenditure, and Iu is unintended inventory investment, then
A) Y = E + Iu.
B) Iu = Y - E.
C) Y = Ep + Iu.
D) none of the above.
C
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During the Great Depression of the 1930s, the aggregate demand curve intersected the aggregate supply curve in the:
a. horizontal portion of the aggregate supply curve. b. upward-sloping part of the aggregate supply curve. c. vertical portion of the aggregate supply curve. d. early years in the horizontal portion, but in the later years in the vertical portion. e. early years in the vertical portion, but in the later years in the horizontal portion.
Briefly describe what happens when a perfectly competitive firm increases the total quantity it supplies of a good
When voluntary trade takes place,
A. both parties can benefit from the transaction. B. one party can benefit at the expense of the other. C. neither party can benefit from trade. D. both parties can benefit but only if the government regulates the transaction.
Other things being equal, an increase in the price of ethanol will
A. increase the use of corn in ethanol production and in HFCS (another product produced from corn). B. increase the use of corn in all corn uses. C. increase the use of corn in ethanol production but decrease the use of corn in feed. D. increase the use of corn in HFCS.