If the price of a pumpkin rises and consumers' total expenditure on pumpkins increases, then the demand for pumpkins is inelastic
Indicate whether the statement is true or false
TRUE
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The aggregate demand curve shows that, if other factors are held constant, the higher the price level, the
A) greater the quantity of real GDP demanded. B) smaller the quantity of real GDP demanded. C) larger consumption expenditure. D) None of the above answers is correct.
A well-functioning market will have high monetary costs applied to high opportunity costs
a. True b. False Indicate whether the statement is true or false
Early in U.S. history, health insurance was provided to cover:
a. the catastrophic cost of medical care including hospitalization and physicians' services. b. routine physicians' services. c. medical costs due to specific diseases such as tuberculosis and alcoholism. d. hospital expenses. e. income loss due to disability or disease
A horizontal line showing the current rate of inflation, as determined by past expectations and pricing decisions is called the:
A. aggregate demand curve. B. short-run aggregate supply line. C. short-run equilibrium output line. D. long-run aggregate supply line.