If the current price level is lower than the equilibrium price level, then it must be true that total planned
A) government spending is less than total planned tax revenues.
B) government spending exceeds total planned tax revenues.
C) real expenditures are less than total planned production.
D) real expenditures exceed total planned production.
D
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The opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany. If the nations split the difference between the willingness to pay and the willingness to accept, the terms of trade are 3 wristwatches per wall clock
Indicate whether the statement is true or false
If working people in the economy become wealthier,
a. the supply curve of labor will shift to the right b. the demand curve for labor will shift to the right c. the demand curve for labor will shift to the left d. some people may choose to work longer hours e. some people may choose more leisure and fewer work hours
Changes in autonomous consumption could be the result of:
A. changes in inflation. B. changes in housing prices. C. changes in the mpc. D. changes in disposable income.
Customers who visit convenience stores at 3 a.m. have a price elasticity of demand that is _____________ elastic than those who visit at 3 p.m.
A. more B. less