Consumption spending comprises what percentage of total spending?
A) 0.7 percent
B) 7 percent
C) 70 percent
D) 700 percent
C
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The short-run Phillips curve is another way of looking at
A) aggregate supply. B) Okun's Law as applied to aggregate demand. C) potential GDP. D) aggregate demand. E) the natural rate of unemployment.
Advocates of a tax on soda and other sugary drinks argue that such a tax
a. may encourage better nutrition. b. will protect our future selves from the long run negative effects of consuming these drinks. c. is needed because people tend to behave inconsistently over time. d. All of the above are correct.
Macroeconomic models use abstract concepts such as "price level" and "national income" that are calculated by combining many markets into one. This process is known as
a. analysis and synthesis. b. integration and derivation. c. conceptualization. d. aggregation.
A patent on a new product benefits the firm securing it by:
A. limiting the direct imitation of the product by rivals for many years. B. enabling the firm to retain "trade secrets" about the product. C. reducing the firm's legal expenses. D. increasing the speed of diffusion of the new product.