Regulatory agencies always protect consumers by forcing regulated firms to sell at the lowest possible price
a. True
b. False
Indicate whether the statement is true or false
False
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If the quantity of real GDP demanded is greater than the quantity of real GDP supplied, then
A) the economy must be producing at potential GDP. B) aggregate demand changes to restore equilibrium. C) the price level falls to restore the macroeconomic equilibrium. D) the price level rises and firms increase production. E) the price level falls and firms decrease production.
In a simple Keynesian model, a decrease in income leads to a decrease in
A) consumption. B) investment. C) the price level. D) the money supply.
If the rural wage is 4 and the formal urban wage rate is 10, there will be rural to urban migration if the formal urban unemployment rate is
(a) 50% (b) 60% (c) 70% (d) all of the above
Per capita real GDP does not give us information about the distribution of income in a country or about the nonmonetary quality of life
a. True b. False Indicate whether the statement is true or false