The intersection of aggregate demand and long-run aggregate supply identify the price level at which total planned
A) government spending equals total planned tax revenues.
B) real expenditures equal actual nominal GDP.
C) real expenditures equal total planned production.
D) export spending equals total planned import spending.
C
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Suppose the economy's production function is Y = AK0.3N0.7. When K = 1000, N = 50, and A = 15, what is Y?
A. 750,000 B. 123 C. 1842 D. 6106
Refer to the data above. The marginal propensity to consume is:
The table shows a consumption schedule.
A. .80
B. .75
C. .60
D. .40
A monopolistically competitive firm has excess capacity because in the
A) short run its MR exceeds its MC. B) short run its ATC is less than its AVC. C) long run its ATC exceeds its minimum ATC. D) long run it makes an economic profit.
The GATT is
A) an international treaty. B) an international U.N. agency. C) an international IMF agency. D) a U.S. government agency. E) a collection of tariffs.