Demand-pull inflation occurs:
a. at or close to full employment.
b. because of excess total spending.
c. when "too much money is chasing too few goods."
d. all of these.
d
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When one party to a transaction knows more than the other, ________ is said to exist
Fill in the blank(s) with correct word
In the ordered pair (5, 3), 3 is the
a. horizontal location of the point. b. the slope. c. the x-coordinate. d. the y-coordinate.
Which of these has the most elastic demand?
A. Filet Mignon steak B. Bread C. Heart medicine D. Insulin (diabetes medicine)
Answer the following statement(s) true (T) or false (F)
1. The formula for calculating aggregate demand is the same formula used to calculate GDP using the expenditure approach. 2. The aggregate demand and aggregate supply model is a closed economy model because it includes international trade effects. 3. An inverse relationship exists between the quantity of real GDP demanded and the overall price level. 4. The aggregate demand curve is downward sloping. 5. Purchasers in the economy demand more real output when the price level rises.