In the long run aggregate:
A. demand tends to shift to the right.
B. supply tends to shift to the left.
C. demand is fixed.
D. supply is fixed.
Answer: D
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A plan that sets targets to cover all major aspects of the national economy is known as a/an _____ plan:
(a) interindustry (b) complete (c) comprehensive (d) economic
Producer surplus:
a. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product. b. is illustrated by the area above the supply curve and below the market price. c. is maximized in market equilibrium. d. all of these.
If the federal government has a deficit, and the current account is in balance, then
A. I = S. B. I> S. C. S> I. D. S + I = 0.
The supply of seats for an economics class at 10 a.m. is the same as the supply of seats for the same class at noon. Every student who wants to attend this class at noon can, but not every student who wants to attend the 10 a.m. class can. Tuition does not vary by time. It follows that the demand for the 10 a.m. class is __________ the demand for the noon class
A) lower than B) the same as C) greater than D) either a or b E) none of the above