Any point on the aggregate demand schedule must also be
A) a point that clears the market for real money balances.
B) a combination of real interest rates and income where aggregate desired expenditures is in balance.
C) a point where money demanded is equal to money supplied.
D) all of the above.
D
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The United Company competes with many other firms each producing slightly different products. Firms freely enter and exit this industry. The type of industry United Company operates in is
A) a monopoly. B) monopolistic competition. C) oligopoly. D) perfect competition. E) oligopolistic monopoly.
Which of the following statements about economic analysis is true?
A) Unlike positive economic analysis, normative economic analysis can be tested. B) There is much more disagreement among economists over normative economic analysis than over positive economic analysis. C) Normative economic analysis is concerned with "what is," whereas positive economic analysis is concerned with "what ought to be." D) Economics is primarily about normative analysis, which measures the costs and benefits of different courses of action.