The aggregate demand curve shows how real GDP purchased varies with changes in:
A. unemployment.
B. the price of a particular good.
C. the overall price level.
D. the interest rate.
Answer: C
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Bobby was researching the economic growth of a country between 2006 and 2011. Using 2006 as the base year, he calculated a twelve percent increase for real GDP and a ten percent increase for nominal GDP. His results indicate that
A) he made an error when calculating nominal GDP. B) the quantity of goods and services produced decreased over the period. C) the quantity of goods and services produced increased and prices decreased over the period. D) the quantity of goods and services produced and prices both decreased over the period. E) the quantity of goods and services produced did not change and prices decreased over the period.
Agreements among competing sellers to maintain a certain minimum price or to divide up the market in a particular way
A) are evidence of a cooperative rather than competitive spirit in business. B) are illegal under federal law where it is applicable. C) benefit business firms and their customers, but at the expense of employees. D) increase the number of job opportunities in the economy.
Wendy retails motor homes, which she buys for a sum that does not vary with the number she purchases from the manufacturer. She can sell eleven per week at $40,000 . If she limits sales to ten, she can charge $41,000 each. She will sell eleven per week if the cost of each vehicle is no more than
a. $20,000. b. $30,000. c. $40,000. d. $41,000.
To be effective, a price ceiling must be above the equilibrium price.
Answer the following statement true (T) or false (F)