The total amount of output producers are willing and able to produce at alternative price levels in a given time period is known as:
A. Aggregate demand.
B. Aggregate supply.
C. Real GDP.
D. Macro equilibrium.
B. Aggregate supply.
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Which of the following mathematical expressions represents the equation of a straight line with a slope of zero at all points on a graph with Y on the vertical axis and X on the horizontal axis?
A. Y = a + X B. X = bY C. X = a D. Y = a
What is the annual rate of economic growth in Japan if real GDP at the beginning of the year is 11.9 trillion yen and real GDP at the end of the year is 11.1 trillion yen?
a. 0.65% b. -6.7% c. 1.9% d. 0.008% e. -6.25%
Between 1994 and 2000 the poverty rate ____ and the number of people on welfare _____.
Fill in the blank(s) with the appropriate word(s).
Which of the following is NOT true of a demand curve?
A. It reflects sellers' reservations prices. B. It shows the amount consumers want to buy at various prices. C. It has negative slope. D. It relates the price of an item to the quantity demanded of that item.