The total quantities of goods and services that firms in the economy are willing to supply at varying price levels is
a. aggregate production
b. total production
c. aggregate supply
d. gross domestic product
e. natural total production
C
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Sonia has a BAin art history, and is currently working full-time as a waitress. The Bureau of Labor Statistics would count Sonia as:
A. employed. B. underemployed. C. unemployed. D. a discouraged worker.
In 2010, output per capita in China was approximately equal to
A) $2,100. B) $7,627. C) $22,100. D) $32,100.
Which of the following statements is true about the economy in the long run?
a. Equilibrium output is below potential GDP and the rate of unemployment exceeds the natural rate. b. Production costs are close to zero in the long run. c. The rate of unemployment is zero in the long run. d. The aggregate demand curve plays no role in determining the equilibrium level of real GDP. e. The aggregate supply curve is a horizontal line.
Which of the following can defeat the profit-maximizing strategy of price discrimination?
a. consumer surplus b. deadweight loss c. market power d. arbitrage