An aggregate demand (AD) curve shows the
A) amount of a particular good people are willing and able to buy at a particular price, ceteris paribus.
B) real output (Real GDP) people are willing and able to sell at different price levels, ceteris paribus.
C) real output (Real (GDP) people are willing and able to buy and to sell at different price levels, ceteris paribus.
D) real output (Real GDP) people are willing and able to buy at different price levels, ceteris paribus.
D
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If the exchange rate depreciates, then the
A) demand for dollars decreases. B) quantity of dollars demanded decreases. C) supply of dollars decreases. D) demand for dollars increases. E) quantity of dollars demanded increases.
An effective price ceiling usually generates
A) fire sales as firms try to unload their excess inventories. B) higher nominal prices. C) the use of nonprice rationing devices. D) happy sellers and dissatisfied buyers.
When a country allows trade and becomes an exporter of a good, which of the following is not a consequence?
a. The price paid by domestic consumers of the good increases. b. The price received by domestic producers of the good increases. c. The losses of domestic consumers of the good exceed the gains of domestic producers of the good. d. The gains of domestic producers of the good exceed the losses of domestic consumers of the good.
Refer to Figure 17-3. Assume Panel B represents the labor supply curve. Which of the following statements about Panel B is true?
A) Panel B describes a situation in which the income effect dominates the substitution effect at every level of wages (segments i, ii, and iii). B) Panel B describes a situation in which the income effect dominates the substitution effect at low wages (segment i) and a situation in which the substitution effect dominates the income effect at very high wages (segment iii). C) Panel B describes a situation in which the income effect dominates the substitution effect at low wages (segment i) and again at very high wages (segment iii). D) Panel B describes a situation in which the substitution effect dominates the income effect at low wages (segment i).