According to Classical models, the level of employment is determined primarily by
A. government taxation.
B. government spending.
C. the level of aggregate demand for goods and services.
D. prices and wages.
Answer: D
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A successful strategy of price discrimination requires that a firm be a price taker
Indicate whether the statement is true or false
Suppose a lottery ticket costs $1 and the probability that a holder will win nothing is 99%. What must the jackpot be for this to be a fair bet?
a. 10 b. 100 c. 1,000 d. 10,000
If the price level rises, what will happen to the level of real GDP supplied?
a. It will usually decrease. b. It will usually increase. c. Nothing. d. It will decrease at first and then increase.
Related to the Economics in Practice on page 83: When acquiring a ticket for a play takes a significant amount of time, the true economic cost of that ticket would include all of the following factors except
A. the amount of time spent acquiring the ticket. B. the earning power of the person acquiring the ticket. C. the purchase price of the ticket. D. the utility provided by seeing the play.