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Social Science
Economics
Macroeconomics
Chapter 30
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Terms in this set (35)
Price level and the real domestic output purchased
The aggregate demand curve is the relationship between the
The demand for money and interest rates rises
When the price level rises,
A foreign purchases effect
One explanation for the downward slope of the aggregate demand curve is that a change in the price level results in
A change in the real value of consumer wealth
A sharp decline in the real value of stock prices, which is independent of a change in the price level, would best be an example of
A depreciation in the value of the U.S. dollar
The aggregate demand curve will be increased by
Price level and the real domestic output produced
The aggregate supply curve is the relationship between the
Nominal wages do not respond to changes in the price level
The short-run aggregate supply curve assumes that
Vertical
In the long run, the aggregate supply curve is
Decrease aggregate supply
If the prices of imported resources increase, then this event would most likely
5
The level of productivity in this economy is
$0.40
The per-unit cost of production is
Decrease and aggregate supply would increase
If productivity increased such that 60 units are now produced with the quantity of inputs still equal to 10, then per-unit production costs would
Remain unchanged and aggregate supply would decrease
All else equal, if the price of each input increases from $2 to $4, productivity would
Increase per-unit production costs and shift the aggregate supply curve to the left
If Congress passed much stricter laws to control the air pollution from businesses, this action would tend to
Decrease aggregate demand and decrease aggregate supply
An increase in business taxes will tend to
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Verified questions
ECONOMICS
Assume that you had an employee that was paid $10.80 an hour during the week and time and one-half time on Sunday. If the employee worked four hours on Wednesday, three and a half hours on Thursday, six hours on Saturday, and four hours an Sunday, what was the total gross wages before any deductions?
ECONOMICS
We want to estimate the population mean within 5, with a 99 percent level of confidence. The population standard deviation is estimated to be 15. How large a sample is required?
ECONOMICS
Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. (In fact, both the federal and state governments impose beer taxes of some sort.) a. Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? b. Now draw a supply-and-demand diagram for the beer market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?
ECONOMICS
Joe is the new product manager at a chain of take-away food stores. He is planning to introduce a new type of "fast food'-a pizza or a curry. He has two product options but the business can only afford to buy the equipment and advertising material needed for one of these options. He has undertaken some market research and forecasted the main costs for the two product options. He has asked you to help him complete the following income statements: $$ \begin{matrix} \text{Forecasts for one year} & \text{Pizza option} & \text{Curry option}\\ \text{Sales revenue} & \text{50 000 units at \$3} & \text{40 000 units at \$5}\\ \text{Cost of goods sold} & \text{Unit cost of \$ 1 each} & \text{Unit cost of \$ 2 each}\\ \text{Gross profit} & \quad & \quad \\ \text{Annual equipment costs} & \text{\$13 000} & \text{\$ 12 000}\\ \text{Annual advertising costs } & \text{\$ 15 000} & \text{\$ 20 000}\\ \text{Other expenses} & \text{\$ 13 000} & \text{\$ 15 000}\\ \text{Net profit}\\ \end{matrix} $$ Identify and explain two other factors Joe should consider before making this decision.
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