The concept of demand as used in economic theory expresses the relationship between the quantity of a good people will want to purchase and
A) the price of complementary goods.
B) the price of that good.
C) the supply of substitute goods.
D) the supply of that good.
E) their welfare overall.
B
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The aggregate demand curve is
A) upward sloping. B) a vertical line at potential output. C) a horizontal line at the current price level. D) downward sloping.
Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?
A) Fewer firms to compete with B) Lower prices for many goods C) Increase in the volume of exports and imports D) Increase in production levels E) Improved overall economic welfare
Fluctuating interest rates tend to stabilize real output when the
A) IS curve is flat. B) IS curve is steep. C) LM curve is flat. D) LM curve is steep.
Which of the following was not a reason why wages in the US increased during World War I?
a. A sharp decrease in immigration during the war. b. A large increase in drafting men into the armed forces. c. A large increase in the number of government contracts. d. A large increase in the number of women who were employed in the labor market.