In perfect competition, marginal revenue always equals
a. total revenue.
b. price.
c. average cost.
d. marginal fixed cost.
b
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Gross private domestic investment is a component of which approach to measuring GDP?
A) incomes approach B) expenditure approach C) linking approach D) output approach
When the price level falls from 135 to 120, the aggregate level of GDP supplied falls from $140 billion to $125 billion. This ________ relationship represents the ________ relationship between GDP and the price level
A) positive; short-run B) negative; long-run C) positive; long-run D) negative; short-run
The term "business cycle" refers to ________
A) the opening and eventual closing down of businesses B) the rising and later declining of the purchasing power of the dollar C) the acquiring of raw materials and ultimate selling of a finished product D) the tendency for rich economies to be inevitably out-paced by other economies E) the slowing and eventual accelerating of economic growth
Which of the following is a flow variable?
a. Price level b. U.S. population c. Money supply d. Investment spending e. Household debt