If consumer confidence falls, then aggregate demand shifts
a. right, raising the inflation rate above its previous level.
b. right, lowering the inflation rate below its previous level.
c. left, raising the inflation rate above its previous level.
d. left, lowering the inflation rate below its previous level.
d
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The figure above portrays a total revenue curve for a perfectly competitive firm. The price of the product in this industry
A) equals $0.50. B) equals $1.00. C) equals $2.00. D) cannot be determined.
The simple Keynesian income-expenditure graph
a. shows a picture of equilibrium where planned S equals planned I. b. assumes that the size of planned consumption will be determined by the size of disposable income. c. assumes that planned investment is not a function of the size of income. d. Does all of these.
Excess reserves are the amount of money a bank
a. is required to hold against its check able deposits. b. is required to hold against its check able deposits and savings accounts. c. has in excess of its required reserves. d. usually holds to be ready to meet unexpected withdrawals.
If a particular labor market were to convert from a competitive market to a monopsony, what effect would we expect on the number of workers hired? What effect would we expect on the wage paid to workers?