Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2.
B. P2 and Y1.
C. P3 and Y1.
D. P3 and Y2.
Answer: D
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Which of the following is false?
a. We can be sure that people with more income get less marginal utility from their consumption of a good than those with less income. b. We can be sure that people with less income get less marginal utility from their consumption of a good than those with more income. c. We can be sure that those who receive greater marginal utility from consumption of a particular unit of an item receive greater total utility from consumption of that item. d. All of the above are false.
What does it mean for a buyer or seller to be a price taker?
Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000 What is the value of Taylor's assets?
A. $422,000 B. $416,000 C. $308,000 D. $419,000
Phase of the business cycle during which the economy is growing more slowly than usual
What will be an ideal response?