See Scenario 4.5. The Engel curve for grilled cheese sandwiches is:
A) downward sloping.
B) horizontal.
C) upward sloping.
D) none of the above
C
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In the above figure, what is the short-run equilibrium real GDP and the short-run equilibrium price level?
What will be an ideal response?
We can derive the market demand curve for gold earrings
A) only if the tastes of all gold earring consumers are similar. B) by adding the prices each gold earring consumer is willing to pay for each quantity. C) by adding horizontally the individual demand curves of each gold earring consumer. D) by adding vertically the quantity demanded of each gold earring consumed at each price.
Are policies that aim to help the poor identical to policies that achieve income equality? Why or why not?
What will be an ideal response?
If real GDP is less than potential GDP, then:
A. the output gap is positive. B. the actual unemployment rate is less than the natural rate of unemployment. C. the actual unemployment rate equals zero. D. the actual unemployment rate is greater than the natural rate of unemployment.