An accounting identity
A) ensures that all balances will be in equilibrium.
B) is useless in analyzing balance of payments since one cannot tell from the identity whether an equilibrium exists or not.
C) ensures a balance but does not ensure an equilibrium.
D) applies only to plans of economic agents and not to their actual actions.
Answer: C
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The quantity supplied of a good, service, or resource is ________ during a specified period and at a specified price
A) the amount that people are able and willing to sell B) the amount that people are willing and able to buy C) the amount that people are able to sell D) the amount that people are willing to sell E) the amount sold
A higher price level leads to
A. lower real wealth. B. higher level of debt. C. a higher consumption function. D. higher aggregate demand.