Equilibrium is unique; it is the only price-output combination that is mutually compatible with aggregate supply and demand.
Answer the following statement true (T) or false (F)
True
Macro equilibrium occurs at the intersection of the AS and AD curves.
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Economists recognize that because people have limited resources:
A. government intervention is necessary. B. our future is bleak. C. they have to make trade-offs. D. they will never be happy.
Refer to Table 4-7. If a minimum wage of $12.50 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 80,000 units of labor. C) shortage of 80,000 units of labor. D) surplus of 40,000 units of labor.
The income velocity of money is the absolute number of times, on average, that
A) people purchase goods and services during a year. B) each monetary unit is spent on final goods and services. C) each unit of real GDP is produced by business firms. D) each one-unit increase in the price level occurs.
Which U.S. President was in office for most of World War II?
a. Herbert Hoover b. Abraham Lincoln c. Franklin D. Roosevelt d. Lyndon Johnson e. Dwight Eisenhower