Refer to the information provided in Table 24.4 below to answer the question(s) that follow.
Table 24.4
Refer to Table 24.4. At an output level of $2,500, there is an unplanned inventory
A. change of $0.
B. decrease of $400 billion.
C. increase of $600 billion.
D. increase of $400 billion.
Answer: C
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A decrease in ________ increases the money supply since it causes the ________ to rise
A) reserve requirements; monetary base B) reserve requirements; money multiplier C) margin requirements; monetary base D) margin requirements; money multiplier
Which of the following statements captures the meaning of transitivity of preferences?
a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.
Assume the price of gasoline doubles tonight and remains at that price for the next two years. Compared with the long-run price elasticity of demand for gasoline, the short-run price elasticity of demand for gasoline will be ________.
A. more variable B. higher C. lower D. the same
A(n) ___________ in income will shift the budget line to the left.
a. increase b. decrease c. no change