An aggregate demand curve indicates the quantities of real GDP demanded at different ______ levels.
a. income
b. stock market
c. price
d. interest rate
c. price
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If the entry of new firms in a perfectly competitive industry substantially increases the market demand for resources,
a. this reduces the market price of resources. b. this raises the market price of resources. c. the market price of resources does not change. d. this lowers the ATC curves of individual firms.
Externalities tend to cause markets to be
a. inefficient. b. unequal. c. unnecessary. d. overwhelmed.
Which of the following is a property of typical indifference curves?
a. Indifference curves usually intersect. b. Indifference curves have positive slopes. c. Indifference curves are downward sloping and always linear. d. Indifference curves are usually bowed in toward the origin.
Who made this statement? "The really exhausting and the really repulsive labours, instead of being better paid than others, are almost invariably paid the worst of all…. The hardships and the earnings, instead of being directly proportional, as in any just arrangements of society they would be, are generally in an inverse ratio to one another."
A. John Stuart Mill B. John Maynard Keynes C. Elizabeth Warren and Amelia Warren Tyagi D. Beth Schulman