Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. One can conclude that
A) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns.
B) the demand for lawn care service has decreased.
C) the law of supply has been violated.
D) the number of lawn care service companies has increased.
B
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A surplus tends to put ________ pressure on the price of the product, which ________ the quantity supplied
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
Ending the "Great Inflation" era in the 1970s is an example of
A) inflation targeting. B) exchange rate targeting. C) central bank independence. D) appointment of a more conservative central banker. E) all of the above.
In the classical system, output and employment are primarily dependent on
a. population, productivity, and technology. b. technology, capital formation, and thrift. c. population, technology, and capital formation. d. productivity, thrift, and population.
Gross domestic product that is based on existing prices is called:
a. nominal GDP. b. current GDP. c. money GDP. d. all of these.