Refer to the information provided in Table 24.1 below to answer the question(s) that follow.Table 24.1
Refer to Table 24.1. At an output level of $1,200 billion, the level of aggregate expenditure is
A. $1,000 billion.
B. $1,200 billion.
C. $1,300 billion.
D. $1,400 billion.
Answer: C
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Economists tend to judge a model based upon
A) the reality of its assumptions. B) the accuracy of its predictions. C) its simplicity. D) its complexity.
A true cost-of-living adjustment in response to a change in prices would compensate consumers so that they would be able to
A) purchase the same bundle they purchased before prices changed. B) achieve the same level of utility they did before prices changed. C) face the same choices they did before prices changed. D) achieve an increase in utility that is equal to the rate of inflation.
The following is an example of adverse selection
a. A majority of those applying for well paid jobs are well qualified b. More reckless drivers opt for cars with more safety devices c. Individuals living in less secure neighborhoods want to buy less insurance d. Individuals with a strong family history of heart diseases opt to buy less insurance
In an effort to maximize profits, oligopolists could participate in all of the following but
A. Game theory. B. Price-fixing. C. Cartels. D. Price leadership.