Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. The equilibrium level of aggregate income is $________ million.
A. 1,200
B. 1,300
C. 1,500
D. 1,400
Answer: D
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A relatively flat demand curve indicates that
a. quantity demanded will adjust only slightly to a price change. b. quantity demanded will adjust significantly to a price change. c. quantity demanded will not adjust to a price change. d. the change in quantity demanded will exactly equal a change in price.
An increase in the supply of wheat in the United States is most likely to result from:
a. A decrease in the amount of subsidies that wheat farmers receive from the government b. An increase in the cost of machinery for harvesting wheat c. An increase in the price of wheat d. A change in farming technology that improves the soil for wheat
Which of the following statements is most accurate regarding who benefits and loses from establishing a minimum wage above the market clearing wage?
A. All workers benefit equally from the establishment of the minimum wage because just as many workers as before remain employed, and all earn the higher minimum wage. B. Individuals who obtain jobs benefit because they earn a higher wage, but some individuals lose because employers will not hire them at the minimum wage. C. All employers benefit equally from the establishment of the minimum wage because they are able to hire fewer workers at a lower wage. D. All employers lose because they must pay the higher minimum wage to the same number of employees as they did before the minimum wage was established.
(Consider This) The main focus of the vignette "Slicing the Pizza" is the:
A. equality-efficiency trade-off. B. principal-agent problem. C. impact of market power on economic efficiency. D. the highly unequal distribution of U.S. wealth.