For a hotdog vendor, the hotdog stand represents his
A) fixed input.
B) variable input.
C) diseconomies of scale.
D) none of the above.
Answer: A
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When the economy is in long-run equilibrium, the price level adjusts so as to equate which two values with one another?
A) total planned real expenditures and total planned production B) government spending and tax revenues C) the inflation rate and the unemployment rate D) import and export spending
In Keynes's liquidity preference framework, individuals are assumed to hold their wealth in two forms
A) real assets and financial assets. B) stocks and bonds. C) money and bonds. D) money and gold.
Nominal GDP is
A. also called real GDP. B. a more accurate measure than real GDP. C. real GDP adjusted for changes in the price level. D. GDP measured in current prices.
If MPC = 0.80, MPS must be ______ and the income multiplier is ______
a. 1.20; 4 b. 0.20; 5 c. 1.80; 4 d. 0.25; 5 e. 0; 10