Refer to the table above. If the price level is 120, then the aggregate quantity demanded is ________ than the aggregate quantity supplied and the price level ________
A) greater; rises
B) greater; falls
C) less; rises
D) less; falls
E) less; might fall, rise or not change depending on whether real GDP is more than, less than, or equal to potential GDP.
D
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A decrease in the domestic interest rate causes the demand for domestic assets to shift to the ________ and the domestic currency to ________, everything else held constant
A) right; appreciate B) right; depreciate C) left; appreciate D) left; depreciate
The gross domestic product (GDP) of an economy for a particular year is likely to increase if _____
a. workers go on longer vacations during that year b. the length of an average work week decreases c. homeowners hire lawn care services rather than maintaining the lawns themselves d. people cook food at home instead of buying restaurant meals e. the sale of illegal drugs increases
Which of the following statements about health care is true?
a. The demand for health care is inversely related to price b. The demand for health care is positively related to price. c. Healthcare is an inferior good. d. Health care and health insurance is only provided by the government in the U.S. e. The supply of health care is inversely related to price.
The marginal revenue product is: a. the value of all the final goods and services produced by a firm
b. the value that an worker contributes to a firm. c. an increase in the profit of a firm with an increase in the output by one unit. d. the output per unit of worker employed by a firm. e. the value that all the unskilled workers contribute to a firm.