The aggregate demand curve shows how real GDP purchased varies with changes in:
A. unemployment.
B. the price of a particular good.
C. the overall price level.
D. the interest rate.
Answer: C
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The financial statement that sums up a firm's revenues, costs, and profit over a period of time is its
A) income statement. B) dividend yield statement. C) price-earnings statement. D) balance sheet.
When demand is elastic
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
The ________ is the rate of change of the ________.
A. rate of inflation; CPI B. current year price index; base year price index C. CPI; rate of inflation D. base year price index; current year price index
In the short run, if a firm operates, it earns a profit of $500. The fixed costs of the firm are $100. This firm has a producer surplus of
A) $500. B) $100. C) $400. D) $600.