We can find the market demand for pears by:
A. adding all the prices people are willing to pay for pears.
B. multiplying the number of people times the price of pears.
C. adding the number of pears that producers are willing to sell.
D. adding the individual demand curves for pears.
Answer: D
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Suppose that inventories were $80 billion in 2012 and $70 billion in 2013. In 2013, national income accountants would ________.
A. subtract $75 billion (= $150/2) from other elements of investment in calculating total investment B. add $10 billion to other elements of investment in calculating total investment C. add $75 billion (= $150/2) to other elements of investment in calculating total investment D. subtract $10 billion from other elements of investment in calculating total investment
When the cost of producing a product is paid, at least in part, by someone other than the producer, the cost is referred to as
A) an external cost. B) an external profit. C) an external benefit. D) an external/internal cost. E) a public cost.
The gap between rich and poor countries is likely to be greatest for
a. life expectancy b. literacy rate c. per capita income d. moral development e. years of education
Monetary neutrality refers to the fact that changes in the money supply
A) affect output more in the long run than in the short run. B) have no effect on output in the long run. C) affect only output in the long run. D) have a greater effect on prices in the short run than in the long run.