There are at least ______ factors in addition to price that affect demand.
a. three
b. four
c. five
d. two
d. two
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The first systematic attempt to explain the determinants of the price level and national levels of income, employment, consumption and real Gross Domestic Product (GDP) was made by ________ economists
A) supply-side B) classical C) Keynesian D) monetarist
Jeremiah spends all of his income on oranges and cookies, which are normal goods. If Jeremiah's income decreases, he will buy ________ oranges and ________ cookies
His marginal utility from oranges will ________ and his marginal utility from cookies will ________. A) fewer; fewer; decrease; increase B) more; more; decrease; decrease C) the same quantity of; fewer; remain constant; decrease D) fewer; fewer; increase; increase
In the self-correcting AD-AS model, the economy's short-run equilibrium position is indicated by the intersection of which two curves? a. Short-run aggregate supply and long-run aggregate supply
b. Short-run aggregate supply and aggregate demand. c. Long-run aggregate supply and aggregate demand. d. Long-run aggregate demand and short-run personal consumption expenditures curve. e. Short-run aggregate demand and long-run personal consumption expenditures curve.
P x Q is:
a. A stock value. b. A flow value. c. Totally unrelated to stocks and flows. d. Equal to real GDP