By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was
a. agriculture.
b. manufacturing.
c. mining.
d. construction.
b. manufacturing.
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Assume there is a surplus in the market for hybrid automobiles. Which of the following statements correctly describes this situation?
A) Some consumers will be unable to obtain hybrid automobiles at the market price and will have an incentive to offer to buy the product at a higher price. B) The supply of hybrid automobiles is greater than the demand for hybrid automobiles. C) the surplus will cause an increase in the equilibrium price of hybrid automobiles. D) The price of hybrid automobiles will fall in response to the surplus; as the price falls the quantity demanded will increase and the quantity supplied will decrease.
When constructing a production possibility curve for an economy, which of the following is assumed to be constant?
a. The quantity of resources b. The government budget c. The quantity of goods produced d. The price level e. The money supply
Which of the following policies should be used to close an inflationary GDP gap?
A. Increases in government spending and increases in transfer payments B. Tax increases C. Increases in government spending D. Increases in transfer payments
The aggregate demand curve is the relationship between the:
a. Price level and the sales of producers b. Price level and the purchasing of real domestic output c. Price level and the distribution of real domestic output d. Real domestic output bought and the real domestic output sold