A shortage will tend to occur at which price in Figure 4-21?
A. P1
B. P2
C. P3
D. There will be no shortage at the prices shown.
Answer: C
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The aggregate demand curve is all of the equilibrium combinations of
A) the IS curve and the MP curve. B) the output gap and the price level. C) the price level and the real interest rate. D) the real interest rate and the output gap.
If MFC > MRPL, the firm should
A) hire more workers. B) lower wages. C) get rid of some capital. D) reduce the number of workers.
If people expect the economy to do well in the future, they will increase their consumption today at every price level
a. True b. False Indicate whether the statement is true or false
Karl Marx said that whoever controlled a society's __________ controlled that society.
Fill in the blank(s) with the appropriate word(s).