If C = $1,000 + 0.8(Y) and intended investment is $4,000 . then the equilibrium level of national income will be
a. $3,200
b. $25,000
c. $7,778
d. $13,200
e. $14,000
B
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For an oligopoly, when the quantity effect does not outweigh the price effect, the firm:
A. has an incentive to increase output. B. has no incentive to decrease output. C. has no incentive to increase output. D. None of these statements is true.
To economists, feelings such as peace, serenity, religious devotion, and self-esteem are captured in the concept known as _____
a. rational self-interest b. utility c. profit d. total revenue e. surplus
When wages are set by contract, inflation
a. reduces real wages; this likely makes labor markets more flexible. b. reduces real wages; this likely makes labor markets less flexible. c. raises real wages; this likely makes labor markets more flexible. d. raises real wages; this likely makes labor markets less flexible.
Use the above figure. Graph ________ correctly depicts the short-run Phillips Curve.
A. A B. B C. C D. D