The sum of consumption (C), investment (I), government spending (G), and net exports (X-M) is called:
A. autonomous spending.
B. aggregate expenditures.
C. Keynesian income
D. wealth.
Answer: B
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"A good cannot be both land- and labor-intensive." Discuss
What will be an ideal response?
This graph depicts a tax being imposed, causing demand to shift from D1 to D2. The amount of the tax imposed in the graph shown is equal to:
A. (P1 P3).
B. (P2 P1).
C. (P4 P2).
D. (P4 P3).
If the minimum wage increased, then at any given rate of inflation
a. both output and employment would be higher. b. neither output nor employment would be higher. c. output would be higher and unemployment would be lower. d. output would be lower and unemployment would be higher.
At any quantity of output above the intersection of the marginal revenue and marginal cost curves:
A. ATC equal to AVC. B. MR is higher than MC. C. profits are being maximized. D. MR is lower than MC.