A person goes into a store and buys a computer for $1,210. In this case, price is acting as a
A) resource.
B) good.
C) rationing device.
D) capital instrument.
E) factor of production.
C
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When the price of a good is
A) below the equilibrium price, quantity supplied exceeds quantity demanded and price rises. B) below the equilibrium price, quantity demanded exceeds quantity supplied and price falls. C) above the equilibrium price, quantity supplied exceeds quantity demanded and price falls. D) above the equilibrium price, quantity demanded exceeds quantity supplied and price rises.
New Keynesian economists believe that nominal wages and prices respond ________ to shocks, and classical economists believe that nominal wages and prices respond ________ to shocks
A) quickly; quickly B) quickly; slowly C) slowly; quickly D) slowly; slowly
The table above gives data for the nation of? Pearl, a small island in the South Pacific. If aggregate demand increases so that the quantity of real GDP demanded is? $6 billion more at each price? level, the new equilibrium real GDP is
A) $34 billion.
B) $31 billion.
C) $28 billion.
D) $25 billion.
E) $23 billion.
Retirement savings allows retirees to consume more of their disposable income because
A. they have a better work ethic than the young. B. they have better credit histories than the young. C. they can withdraw from their retirement savings accounts. D. they do not have debt.