The market demand curve
a. is found by vertically adding the individual demand curves.
b. slopes upward.
c. represents the sum of the prices that all the buyers are willing to pay for a given quantity of the good.
d. represents the sum of the quantities demanded by all the buyers at each price of the good.
d
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Suppose the economy currently has an inflationary gap. The Fed engages in contractionary monetary policy. The impact of contractionary monetary policy will be to
A) increase short-run aggregate supply, decrease in prices and decrease in real GDP. B) increase short-run aggregate supply, decrease prices and increase real GDP. C) decrease aggregate demand, decrease prices, and increase real GDP. D) decrease aggregate demand, decrease prices, and decrease real GDP.
When a worker has a rare skill or talent, supply in that labor market:
A. is low. B. is high. C. depends on the other factors of production. D. depends on the output produced.
After graduating from high school, Steve had the following three choices for his immediate future, listed in order of preference: (1) attend our campus, (2) work in a printed circuit board factory, or (3) attend a rival college. His opportunity cost of going to college here includes which of the following?
a. The cost of books and supplies at the rival college b. The income he could have earned at the printed circuit board factory plus the direct cost of attending college here (tuition, textbooks, etc.) c. The benefits he could have received from going to the rival college d. Only the tuition and fees paid for taking classes here e. Cannot be determined from the information given
Which of the following contributes to stagflation?
A. Job training programs that train workers to perform economically useful jobs. B. Lowering marginal tax rates. C. Price ceilings. D. Discrimination that prevents the most productive employee from being hired.