Which of these questions does aggregate demand help us answer?I.What determines the total amount of our output that individuals, firms, governments and foreigners want to buy?II.What is the economy's long-run real Gross Domestic Product (GDP)?III.What determines the economy's equilibrium price level?
A. I only
B. I and II
C. II and III
D. I and III
Answer: D
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Refer to Figure 13.2. The technical name given to Alice, based on her position in the figure, is the
A) election moderator. B) median voter. C) irrelevant alternative. D) strategic voter.
One of the ways the market for used cars copes with the problems associated with private information is through the offering of
A) leases. B) warranties. C) low interest rates. D) low prices.
If the resource prices faced by a firm rise, the result is a(n)
a. decrease in supply b. increase in supply c. decrease in demand d. increase in quantity demanded e. decrease in quantity supplied
Between 1900 and the mid-1970s the average workweek fell from ____ hours to less than ____ hours.
Fill in the blank(s) with the appropriate word(s).