The law of one price works well for ________ traded commodities.
A. heavily
B. all
C. domestically
D. rarely
Answer: A
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The adding up of individual economic variables to obtain economy wide totals is called:
A. average labor productivity. B. monetary policy. C. normative analysis. D. aggregation.
Refer to Figure 4-11. What is the value of the portion of consumer surplus that has been transferred to producer surplus as a result of the price floor?
A) $1,200 B) $1,500 C) $1,800 D) $3,000
Since 1970, the United States experienced stagflation
A. during all five recessionary periods. B. during none of the five recessionary periods. C. only during the most recent recessionary period. D. only during the first two recessionary periods.
Real income will rise from one year to the next if nominal income
A. rises and the price level rises faster. B. falls and the price level falls faster. C. falls faster than the price level. D. falls and the price level rises.