The aggregate demand curve is drawn downward-sloping, because increases in the price level cause decreases in:
a. unemployment.
b. total spending (real GDP).
c. households' savings.
d. the value of the dollar.
b
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Because of a decrease in labor costs, a monopoly finds that its marginal cost and average total cost have decreased. The monopoly ________ its price and ________ its quantity
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases
Will depletable resources such as oil, coal, and aluminum be exhausted if their prices are left to the market?
Tuition is the single-largest cost of attending college for most students
a. True b. False Indicate whether the statement is true or false