Which national income account should be examined to discover trends in the after-tax income that people have to save and spend?
a. Gross domestic product (GDP)
b. Gross national product (GNP)
c. Disposable personal income (DI)
d. National income (NI)
c
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The classical model explains away unemployment as a long-run problem by assuming that
a. coordination in labor markets will occur within an acceptable period of time b. the economy consists of multiple, coordinated sectors c. it causes firms to cut back on their long-run production plans d. what is a problem during one period will seem more like an opportunity for economic growth during another period e. higher saving will stimulate increased investment
Which of the following actions gave Ralph an indirect ownership share in a corporation?
a. He holds stock in a technology firm. b. He bought products from a large department store. c. He invested for retirement in a mutual fund. d. He bought gift certificates from a restaurant chain.
A supply curve that is parallel to the price axis is
A. unitary elastic. B. perfectly elastic. C. perfectly inelastic. D. relatively inelastic.
There is a shortage when price is _____ the equilibrium level.
What will be an ideal response?