When the price level goes up, the purchasing power of the dollar
A) varies directly with the value of the euro. B) remains constant.
C) also increases. D) falls.
D
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The difference between GDP and disposable income is
A) net taxes. B) unplanned investment spending. C) national income. D) actual investment spending.
Refer to the above figure. If the government set a price floor of $3.50 per gallon, there would be
A) an excess quantity demanded equal to 100,000 gallons. B) an excess quantity supplied equal to the distance BD. C) an excess quantity supplied equal to the distance BF. D) an excess quantity supplied equal to 100,000 gallons.
What are automatic stabilizers?
a. Laws setting up responses to changes in the economy that Congress does not have to discuss and pass when the change occurs. b. Laws setting up responses to changes in the economy that Congress will discuss and vote on when the change occurs. c. Actions Congress takes when it has determined that laws should be passed to stimulate the economy. d. Actions Congress takes when it has determined that laws should be passed to contract the economy.
Excess quantity demanded may result from
A) a government-imposed minimum price above market equilibrium. B) a government-imposed maximum price below market equilibrium. C) an oversupply of output. D) technological progress.