According to Say's law
A. desired expenditures cannot be compared with actual expenditures.
B. desired production are always more than actual production.
C. desired expenditures are always less than actual production.
D. desired expenditures are always equal to actual expenditures.
Answer: D
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Which of the following is not included in GDP calculations?
a. the value of an accountant's services b. the value of 500 shares of Microsoft stock sold to an investor c. the value of high-definition television sets produced, but not sold, during the year d. the value of a haircut
The profit-maximizing level of output for any firm in a perfectly competitive market is to produce where:
A. MC > MR. B. MC < MR. C. MC = MR. D. MR = P*.
The role of unions is:
A. unnecessary if the market does a good job of determining fair wages. B. gaining power in the United States. C. to provide firms with a mechanism to more efficiently fire less productive workers. D. All of these statements are true.
An increase in the supply of bonds leads to
A) an increase in the price of bonds, a decrease in the interest rate, and an increase in aggregate demand. B) an increase in the price of bonds, an increase in the interest rate, and an increase in aggregate demand. C) a decrease in the price of bonds, an increase in the interest rate, and an increase in aggregate demand. D) a decrease in the price of bonds, an increase in the interest rate, and a decrease in aggregate demand.