The total income of the country is
A. personal income.
B. production income.
C. national income.
D. net national product.
Answer: C
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An explanation for why the short-run aggregate supply curve is upward-sloping is because:
A. ?the quantity of real output supplied is inversely related to the aggregate supply curve. B. ?nominal incomes are fixed. C. ?the capital-output ratio is fixed. D. ?an increase in price will increase the marginal aggregate output.?
The income tax is:
A. an automatic stabilizer because income tax revenues fall as income increases, accelerating an economic expansion. B. an automatic stabilizer because income tax revenues rise as income increases, slowing an economic expansion. C. not an automatic stabilizer. D. an automatic stabilizer because income tax revenues rise as income increases, accelerating an economic expansion.
If the percentage change in price is 20 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.
Explain the output effectof a factor price increase
What will be an ideal response?