A buyer is said to have a demand for a good only when
A. An adequate supply of the good is available for purchase.
B. The buyer is both willing and able to purchase the good.
C. The buyer has the income but the good is not preferred.
D. The buyer is not willing to buy the good and does not have enough income to purchase the good.
Answer: B
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Refer to Figure 24-2. Ceteris paribus, an increase in productivity would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Increased production, but not increased inflation, will result in higher:
A. nominal GDP. B. money GDP. C. real GDP. D. current dollar GDP.
Cross-price elasticity refers to:
A. the magnitude of the shift in demand for a good in response to a change in its price. B. how much the quantity demanded of one good changes in response to a change in the price of a different good. C. how much the quantity demanded of one good changes in response to a change in its price. D. how much the quantity demanded of a good changes in response to a change in consumers' incomes.
Assuming a long-run aggregate supply curve, an increase in government spending results in ________ in output and ________ in prices.
A. an increase; no change B. no change; an increase C. no change; a decrease D. a decrease; a decrease