If real GDP exceeds aggregate planned expenditure, then the change in unplanned inventories is ________ and firms ________ production
A) negative; decrease
B) positive; increase
C) zero; do not change
D) negative; increase
E) positive; decrease
E
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The definition of cross elasticity of demand for two products X and Y is
a. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. b. percentage change in price of Y/percentage change in quantity of X demanded. c. percentage change in price of Y/percentage change in price of X. d. percentage change in quantity of X demanded/percentage change in price of Y.
A production indifference curve describes the input combinations that will produce a given output
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
A. Most Medicaid beneficiaries are in HMO plans. B. Most Medicare Advantage beneficiaries are in HMO plans. C. Only about a quarter of employer-sponsored plan beneficiaries are in HMO plans. D. All of the above
Suppose that the government of Smallville spends $2 trillion in 2020 and receives tax revenues of $1.5 trillion in that same year. Which of the following is TRUE?
A. Smallville has a budget deficit of $0.5 trillion. B. Smallville has a trade deficit of $0.5 trillion. C. Smallville has a budget surplus of $0.5 trillion. D. Smallville has a trade surplus of $0.5 trillion.