Refer to the above table. For which prices is demand inelastic?
A) in a range of prices below $6.00
B) in a range of prices above $6.00
C) in a range of prices between $5 and $1
D) in a range of prices above $9.00
A
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The level of output (real GDP) that equals aggregate expenditure is called the ________ level of real GDP.
A. induced B. potential C. natural rate D. equilibrium
Suppose output is $35 billion, government purchases are $10 billion, desired consumption is $15 billion, and net exports are $4 billion. Then desired investment equals
A) $2 billion. B) $4 billion. C) $6 billion. D) $8 billion.
Which of the following types of insurance do men pay lower premiums than do women?
A) life insurance B) health insurance C) auto insurance D) There are no legally allowed differences.
Refer to Figure 8.5. Equilibrium in this market is represented by a real wage of ________ and quantity of labor ________
A) w1; L1 B) w1; L2 C) w2; L1 D) w2; L3