Use the following table to answer the question below. Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500There will be a shortage whenever the price is
A. higher than $25.
B. equals $25.
C. higher than $30.
D. lower than $25.
Answer: D
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The total of all planned expenditures in the entire economy is
A) aggregate supply. B) LRAS. C) aggregate demand. D) the open economy effect.
If a firm shuts down in the short run, its losses are equal to
A. TC ? TR. B. TFC. C. TVC. D. MC.
Which one of the following will determine the size of the production possibilities curve?
a. amount of labor b. amount of capital c. entrepreneurship d. all of the above
The fact that roughly 70 percent of Americans are overweight speaks to the argument of behavioral economists that people lack complete ______.
a. appreciation for the present b. belief in traditional economics c. control over themselves d. knowledge of the market