Refer to the information provided in Table 23.10 below to answer the question(s) that follow. Table 23.10
Refer to Table 23.10. Which of the following statements is false?
A. If aggregate output equals $2,000 million, then aggregate saving equals $700 million.
B. At an output level of $3,600 million, there is a $200 million unplanned inventory increase.
C. At an output level $2,000, there is a $200 million unplanned inventory decrease.
D. The MPC for this economy is 0.75.
Answer: A
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Lizzie's budget line is shown in the figure above. If Lizzie's income is $20, which of the following formulas represents her budget equation?
A) QC = 20 + QM B) QC = 20 - QM C) QC = -20 + 2 QM D) QC = 20 - 2QM
In the specific factors model, which of the following will increase the quantity of labor used in food production?
A) an increase in the price of food relative to that of cloth B) an increase in the price of cloth relative to that of food C) a decrease in the price of labor D) an equal percentage decrease in the price of food and cloth E) an equal percentage increase in the price of food and cloth
If an economy's actual GDP exceeds its potential GDP, _____
a. wages and prices must fall b. self-correcting forces will shift the SRAS curve to the left c. self-correcting forces will shift the AD curve to the left d. inflation will occur when AD shifts to the left e. unemployment is likely to be unusually high
The marginal cost curve intersects the average variable cost curve at the _______ value of the average variable cost curve.
A) maximum B) minimum C) zero D) average