For the purpose of GDP accounting, consumption expenditures include
A) only durable goods.
B) only nondurable goods.
C) both nondurable goods and services.
D) durable goods, nondurable goods, and services.
D
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Consider the following statement: "If the government attempts to raise employment through increased fiscal spending, all it will end up doing is increasing the price level." The statement rests on the assumption that:
a. the aggregate demand curve is a horizontal line. b. the aggregate supply curve is a vertical line. c. the aggregate supply curve is upward-sloping. d. the aggregate supply curve is downward-sloping. e. the aggregate supply curve is a horizontal line.
When a nation imposes a blanket standard on imports, it refers to policies that:
A. impose standards imposed on all imports. B. restrict the importation of specific goods. C. impose standards on specific countries. D. All of these are true.
If a shirt manufacturer has a surplus of two shirts when they're priced at $14 each and a shortage of two shirts at $10 each, market equilibrium is likely at
a. $11 per shirt b. $12 per shirt c. $13 per shirt d. $15 per shirt
Suppose that in a month the price of pizza increases from $4 to $5. At the same time, the quantity of pizzas demanded decreases from 200 to 190. The price elasticity of demand for pizza (calculated using the midpoint formula) is:
A. zero. B. inelastic. C. unit elastic. D. elastic.