High price and low total utility indicate
a. low marginal utility.
b. large quantities are sold.
c. high marginal utility.
d. a high price/marginal utility ratio.
c
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GDP is supposed to measure the goods ________ the United States
A) purchased in B) produced in C) exported to D) imported to
The stricter the enforcement of a price ceiling, the
A) smaller is the difference between the black market price and the legal market price of the good. B) larger is the difference between the black market price and the legal market price of the good. C) greater is the amount of the good available in total, from either the legal market or the black market. D) Both answers B and C are correct.
If a union negotiates a wage above the market equilibrium, each firm hiring union members faces
a. a perfectly inelastic supply curve for labor b. a perfectly elastic supply curve for labor c. a perfectly inelastic demand curve for labor d. a perfectly elastic demand curve for labor e. perfectly inelastic supply and demand curves for labor
According to Keynesian theory, if equilibrium real GDP is below the full-employment level, then an increase in aggregate demand will result in which of the following changes in equilibrium?
a. Real GDP will rise, but the price level will remain constant. b. Real GDP and the price level will both rise. c. Real GDP will remain unchanged but the price level will rise. d. None of the above.