The labor force is the sum of the working-age population and the number of unemployed people
Indicate whether the statement is true or false
FALSE
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At a short-run macroeconomic equilibrium, real GDP is always equal to potential GDP
Indicate whether the statement is true or false
A decrease in the price level makes consumers feel wealthier, so they purchase more. This logic helps explain why the aggregate demand curve slopes downward
a. True b. False Indicate whether the statement is true or false
The idea that the desires of resource suppliers and producers to further their own self-interest will automatically further the public interest is known as:
a. Profit maximization b. Derived demand c. Consumer sovereignty d. The invisible hand
Define asset liquidity. Provide an example of a highly liquid and highly liquid asset.
What will be an ideal response?