Which of the following would be the best example of a final good or service?
A. a machine that GM purchased to build cars
B. flour used to make pizza
C. jet fuel used by United Airlines in one of its airliners
D. a meal that a family makes for itself
Ans: A. a machine that GM purchased to build cars
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Aggregate planned expenditure decreases if
A) exports increase. B) government expenditure on goods and services increases. C) autonomous consumption increases. D) real GDP decreases. E) investment increases.
Fill in the blank: Producers will compare ________ benefits to ________ costs when considering how much output to produce
A) average; additional B) additional; additional C) additional; average D) average; average
Describe the Mexican peso crisis in terms of the imbalances that caused it, the policies Mexico used to respond, and the lessons learned
What will be an ideal response?
Compared to the long-run absolute elasticity of demand, the short-run absolute elasticity of demand is
A) smaller. B) the same. C) larger. D) either smaller or larger, depending on other factors.