Total expenditure equals price times quantity
a. True
b. False
Indicate whether the statement is true or false
True
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
An American farmer today feeds over ______ people.
A. 15 B. 30 C. 50 D. 100
The main risk that investment banks face from their underwriting services is:
A. the client will not pay for the service. B. the company issuing the securities will go bankrupt. C. the price paid by investors exceeds the guaranteed price to the issuing firm. D. the price investors pay for the security is less than the guaranteed price to the issuing firm.
A formal statement of a theory is known as a(n)
A. empirical measure. B. positive statement. C. model. D. causal statement.