The closer the economy is to full employment, the larger the multiplier is.
Answer the following statement true (T) or false (F)
False
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To put government debt into perspective, it should be:
a. Compared to a nation's balance on goods and services. b. Adjusted for inflation to find the real debt. c. Adjusted by any increase in wage rates caused labor union activity. d. All the above. e. None of the above.
If the price of a good has risen over time,
a. it must have become more scarce. b. it must have become less scarce. c. it has become more scarce only if the price adjusted for inflation has risen. d. it has become less scarce only if the price adjusted for inflation has risen.
Exhibit 5-6 Demand curve for concert tickets
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In Exhibit 5-6, if promoters lower their ticket price from $30 to $20, then:
A. ticket sales will increase but total revenue will decrease because demand is inelastic between $30 and $20. B. both ticket sales and total revenue will increase because demand is inelastic between $30 and $20. C. ticket sales will decrease but total revenue will increase because demand is elastic between $30 and $20. D. both ticket sales and total revenue will increase because demand is elastic between $30 and $20.
If quantity supplied is less at each price, we say that there has been
A. an increase in supply. B. an increase in demand. C. a decrease in supply. D. a decrease in demand.