The aggregate demand curve gives the
A. demand for goods and services by the government at various price levels.
B. amount of all goods everyone wants to buy at various income levels.
C. planned purchases for all goods and services in the economy, holding other things such as the price level constant.
D. planned purchase rates for all goods and services in the economy at various price levels.
Answer: D
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The major flaw of the linear probability model is that
A) the actuals can only be 0 and 1, but the predicted are almost always different from that. B) the regression R2 cannot be used as a measure of fit. C) people do not always make clear-cut decisions. D) the predicted values can lie above 1 and below 0.
A tit-for-tat strategy starts out
a. conciliatory and then encourages an optimal social outcome among the other players. b. unfriendly and then encourages friendly strategies among players. c. friendly, then penalizes unfriendly players, and forgives them if warranted. d. aggressive, then compensates losing players, and eventually forgives unfriendly players.
If an economy produces 4,000 units of output with a price level of $2 and with a velocity of money of 8, we know that the money supply must be:
A. $8,000. B. $4,000. C. $1,000. D. $2,000.
As output decreases, average fixed costs
A. initially decrease and then increase. B. decrease. C. increase. D. remain constant.