For cities that provide snow removal, which of the following is a fixed cost?
a. gasoline for snow plows
b. wages for snow plow drivers
c. purchase of snow removal equipment
d. purchase of salt or other substances used to melt snow
Answer: c. purchase of snow removal equipment
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Which of the following goods are most likely to be substitutes?
a. potato chips and chip dip b. bread and peanut butter c. ketchup and French fries d. bananas and apples
If private consumption in the United States was 69 percent of GDP, investment was 18 percent, government purchases were 18 percent, exports were 9 percent, and imports were 14 percent, net exports were equal to ____ percent of GDP
a. -5 b. 5 c. -23 d. 23
The purpose of the Supplemental Security Income program is
A) to provide a minimum income for all households with children. B) to provide a guaranteed minimum income for all Americans. C) to provide a minimum income for the aged, blind, and the disabled. D) to supplement Social Security for the elderly with medical problems.
When the domestic price level increases, exports decrease and imports increase. Other things the same, this change is illustrated by a
A) movement upward along the aggregate demand curve. B) movement downward along the aggregate demand curve. C) rightward shift of the aggregate demand curve. D) leftward shift of the aggregate demand curve. E) rightward shift of the aggregate supply curve.