Stagflation occurs when short-run aggregate supply decreases
Indicate whether the statement is true or false
TRUE
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If there are an estimated 20,000 barrels of unknown reserves of oil, annual consumption of oil is 800 barrels, and it is estimated that the supply of oil will be depleted in 50 years, how many barrels of known reserves of oil are there estimated to
be, all else equal? A) 1,250 B) 16,000 C) 20,000 D) 320,000
Faster economic growth in the United States may lead to the serious macroeconomic problem of higher
A. levels of unemployment. B. federal budget deficits. C. levels of inflation. D. levels of poverty.
If your marginal propensity to consume is 0.75 and you get an additional $400 in income, you would spend ___________ on consumption.
Fill in the blank(s) with the appropriate word(s).
When a computer firm is producing a level of output at which MC is greater than price, from society's standpoint the firm is producing too
A. Little because society would be willing to give up more alternative goods in order to get additional computers. B. Little because society is giving up more to produce additional computers than the computers are worth. C. Much because society would be willing to give up more alternative goods in order to get additional computers. D. Much because society is giving up more to produce additional computers than the computers are worth.