An increase in price causes:
A. a decrease in total revenue due to the price effect.
B. an increase in quantity demanded.
C. an increase in total revenue due to the price effect.
D. an increase in total revenue due to the quantity effect.
Answer: C
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The U.S. debt to GDP ratio in 2014 was
A) less than 20 percent. B) 42.4 percent. C) 74.1 percent. D) greater than 85 percent.
In any year, real GDP
A) must always be less than potential GDP. B) might be greater or less than potential GDP. C) will always be greater than potential GDP because of the tendency of nations to incur inflation. D) always equals potential GDP.
Explain how unemployment changes over the business cycle. Why do these changes occur?
What will be an ideal response?
Individuals that lend funds to a bank by opening a checking account are called
A) policyholders. B) partners. C) depositors. D) debt holders.