What happens when the price level falls?
A) Total planned real spending remains constant.
B) Total planned real spending increases.
C) Total planned real spending also falls.
D) Planned real spending on goods increases but planned real spending on services falls.
B
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Most countries in the world are classified as
A) advanced. B) in transition. C) developing. D) industrialized. E) emerging market.
When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied resulting in
a. excess demand or shortages. b. excess supply or surpluses. c. equilibrium prices. d. price controls.
Activities designed to convert resources into goods and services is known as
A. consumption. B. production. C. scarcity. D. supply.
In the 1970s we had _____ recessions and in the 1980s we had _____ recessions.
Fill in the blank(s) with the appropriate word(s).