What is the total demand for goods and services in an entire economy called?
A. consumer demand
B. aggregate demand
C. supply and demand
D. GDP demand
Answer: B
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Most t-shirts bought by Americans are made in Asia. As a result of free trade, the production of t-shirts in America
A) has increased. B) has stayed the same. C) has decreased. D) has been taken over by the government. E) might change, but more information about what else the United States imports is needed to determine if U.S. production increased, decreased, or did not change.
The transactions that take place in the financial markets:
A. can be very complex. B. are very simple. C. are always to the buyer's advantage. D. are always to the seller's advantage.
Suppose that the equilibrium price of T-shirts increases and the equilibrium quantity of T-shirts decreases. This is best explained by:
A. an increase in the demand for T-shirts. B. a decrease in the supply of T-shirts. C. a decrease in the demand for T-shirts. D. an increase in the supply of T-shirts.
What is the term economists use to discuss cost on a per-unit-of-output basis?
a. short-run cost b. fixed cost c. variable margin cost d. average total cost