The short-run equilibrium price level and real GDP is derived where the short-run aggregate supply (SRAS) curve intersects the long-run aggregate supply (LRAS) curve
Indicate whether the statement is true or false
false
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The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The cost of the CPI market basket in 2011 is
A) $64.00. B) $3.50. C) $52.00. D) $5.00. E) $100.
A perfectly competitive firm sells its output for $100 per unit and marginal cost is $100 per unit. To maximize short-run profit, the firm should:
a. increase output. b. decrease output. c. maintain its current output. d. shut down.
In 2008, you buy a 1967 Shelby cobra. This purchase would
A. be included in the GDP for 2008. B. not be included in the GDP for 2008. C. be included in both the GDP for 1967 and 2008. D. be in the GDP for 2008 at a depreciated value.
NAFTA benefited Canadian consumers because:
a. of higher wages and more travel opportunity. b. of lower wages but also lower taxes. c. of lower prices but lower quality. d. of lower prices and increased variety.