Planned aggregate expenditure is total:
A. income of households, businesses, governments, and foreigners.
B. planned spending on final goods and services.
C. value added in the economy.
D. revenue from the sale of goods and services.
Answer: B
Economics
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A monopsonist hires the amount of labor where the marginal revenue product of labor equals the:
a. price of the monopsonist's product. b. wage rate. c. marginal factor cost of labor. d. marginal product of labor.
Economics
Other things equal, and given that the elasticity of demand for health care is 0.2, a 10 percent increase in the price of health care in the United States will reduce the quantity of health care demanded by about:
A. 1 percent. B. 2 percent. C. 5 percent. D. 20 percent.
Economics