In the income-expenditure framework, if planned aggregate expenditures are greater than real gross domestic product (GDP), _____
a. the price level will fall
b. consumption will fall
c. inventories will increase
d. inventories will decrease
e. consumption will decrease
d
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The labor supply curve is usually upward sloping
a. True b. False Indicate whether the statement is true or false
If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for
a. unskilled labor will rise and skilled labor will fall. b. skilled labor will rise and unskilled labor will fall. c. both skilled and unskilled labor will rise proportionately. d. both skilled and unskilled labor will be unaffected, assuming no barriers to free trade.
Explain how a business chooses to set output
What will be an ideal response?
Refer to the graph shown depicting a monopolistically competitive firm. The demand curve is represented by curve:
A. A. B. B. C. C. D. D.