According to Say's Law, all goods produced will be sold:
A. As long as the government establishes the correct price.
B. Because technology is constantly improving.
C. If prices are flexible and free to change.
D. If trade barriers protect domestic production.
C. If prices are flexible and free to change.
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The aggregate production function is an equation that shows the relationship between ________ and ________
A) the inputs employed by firms; the maximum output firms can produce with those inputs B) the inputs employed by an individual firm in an economy; the average of the inputs employed by all firms in an economy C) the output produced by an individual firm in an economy; the average of the output produced by all firms in an economy D) the average level of capital used in production in an economy; the average level of labor used in production in an economy
A decrease in the price of a good will a. increase demand
b. decrease demand. c. increase quantity demanded. d. decrease quantity demanded.
Which of the following was a country that ran large deficits in the mid-1990s, and plunged into deep recession in 1997 and 1998 when foreign investors became concerned about the health of these economies, and quickly pulled their money out of stock and bond markets, real estate, and banks?
a. North Korea b. Argentina c. Thailand d. India
When a local grocery store offers discount coupons in the Sunday paper it is most likely trying to
a. reduce prices for all customers. b. encourage literacy. c. encourage arbitrage. d. price discriminate.