Total expenditure by a buyer is equal to the
a. slope at any point along the demand curve.
b. price times quantity demanded at any point along the demand curve.
c. elasticity times price at any point along the demand curve.
d. elasticity times quantity demanded at any point along the demand curve.
b
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If the level of real GDP is $14 trillion while aggregate planned expenditure is $15 trillion, then
A) inventories rise more than planned, leading firms to increase production. B) real GDP increases and planned expenditure decreases reaching equilibrium in the middle. C) aggregate planned expenditure decreases to reach the equilibrium of $14 trillion. D) inventories fall more than planned, leading firms to increase production. E) inventories rise more than planned, leading firms to cut production.
In market economies, income distribution is always going to be completely equitable
Indicate whether the statement is true or false
When there is a shortage, producers raise prices in an attempt to
a. separate the quantity supplied and demanded b. raise the quantity demanded c. equalize the quantity supplied and demanded d. lower the quantity supplied
Which of the following can be stated as potentially true about any economy?
a. Its future location on its production possibilities frontier has no bearing on its current decisions. b. Increased supplies of the factors of production will only affect its current location on its production possibilities frontier. c. Increased supplies of the factors of production will cause its future location to expand inward. d. Its current choice of positions on its production possibilities frontier helps determine its future location.