Equilibrium is the point where total spending equals total output, or GDP
a. True
b. False
Indicate whether the statement is true or false
True
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will increase; the equilibrium quantity will decrease.
Economic profit equals
A) accounting profit plus the cost of capital. B) accounting profit minus the cost of capital. C) accounting profit minus interest payments. D) accounting profit plus interest payments.
The unemployment rate decreases when we go from
A. W to X.
B. X to W.
C. X to Y.
D. Y to X.
Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. The slope of the line between Points D and B is
A. 1.5. B. 0.67. C. -0.67. D. -1.5.