Exhibit 10A-5 Macro AD-AS Model
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Economic growth is represented in Exhibit 10A-5 by:
A. ?leftward shift in the long-run aggregate supply curve (LRAS).
B. ? inward shift of the production possibilities curve.
C. ?rightward shift in the long-run aggregate supply curve (LRAS).
D. ?movement along the long-run aggregate supply curve (LRAS).
Answer: C
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Why are harder forms of liquor produced in "dry" counties in the U.S.?
A) Drinkers in dry counties only prefer liquor to beer and wine. B) Producers only prefer to drink liquor. C) Producers find liquor more efficient to produce, given the rules of the game. D) Trick question: No liquor is produced in "dry" counties.
To an economist, risky options:
A) are always bad options. B) are always good options. C) have costs and benefits fixed in advance. D) do not have costs and benefits fixed in advance.
Comment on the following statement: "In order for a natural monopoly to be present, economies of scale must be realized at a scale that is close to total demand in the market."
What will be an ideal response?
According to Monetarists, a direct substitution between cash balances and real goods results from a change in
A) investment spending. B) consumption spending. C) government spending. D) the money supply.