In a competitive market for corn, the law of demand indicates that, other things equal, as:
a. The price of corn decreases, the quantity of corn demanded will decrease
b. Income decreases, the quantity of corn demanded will increase
c. The demand for corn decreases, the price will increase
d. The price of corn rises, the quantity of corn demanded will fall
d. The price of corn rises, the quantity of corn demanded will fall
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To determine the equilibrium price level and equilibrium level of real GDP, the aggregate demand and aggregate supply must
A) be considered as a multiplier. B) be disregarded. C) be considered separately. D) intersect.
An appreciation of the U.S. dollar would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
Real GDP is nominal GDP
a. plus depreciation b. adjusted for changes in the price level c. minus depreciation d. minus taxes e. minus inflation
Turkey is an importer of wheat. The world price of a bushel of wheat is $7 . Turkey imposes a $3-per-bushel tariff on wheat. Turkey is a price-taker in the wheat market. As a result of the tariff,
a. Turkish consumers of wheat become worse off and Turkish producers of wheat become worse off. b. Turkish consumers of wheat become worse off and Turkish producers of wheat become better off. c. Turkish consumers of wheat become better off and Turkish producers of wheat become worse off. d. Turkish consumers of wheat become better off and Turkish producers of wheat become better off.