The total level of all planned expenditures in the economy best describes
A. the total amount of household wealth.
B. long-run aggregate supply.
C. aggregate demand.
D. short-run aggregate supply
Answer: C
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Suppose an economy is in a steady state, then its saving rate falls, once and permanently. As the economy approaches its new long-run steady state, consumption per worker is ________
A) falling B) rising C) unaffected D) either rising or falling
When a voter chooses to remain ignorant when the opportunity costs of gathering information outweigh the benefits, it is called:
A. irrational voting. B. trigger mechanisms. C. rational ignorance. D. instinct theorem.
Define the following terms and explain their importance to the study of economics
a. greenhouse gases b. externality c. emissions permits d. known reserves
Kathleen likes avocado and crab dip. After eating avocado and crab dip with four crackers, she switches to cheese with crackers. We can conclude that
A. Kathleen is no longer maximizing her utility. B. at this point cheese and crackers have a higher marginal utility per dollar spent than that of avocado and crab dip with crackers. C. the avocado and crab dip cannot have tasted that good. D. the avocado and crab dip with crackers now has a marginal utility of zero.