Technological advances:
a. Shift only the short run aggregate supply curve to the right
b. Shift only the long run aggregate supply curve to the right.
c. Shift both short run and long run aggregate supply curves to the right.
d. Do none of the above
c
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Refer to the scenario above. Jacob should submit a bid of ________
A) $500 B) $400 C) $300 D) $225
If the price index is 100 this year, then:
a. there has been no inflation during the year b. the price level is thrice as it was in the base year. c. the price level is one hundred times what it was in the base year. d. the price level is double what it was in the base year. e. the inflation rate has been 100 percent since the base year.
One explanation that economists give for the persistence of poverty in LDCs falls under the category of nonscientific perceptions. An example of this is people in LDCs who
a. are unwilling to devote their energies to intellectual pursuits b. don't share the values associated with the means to acquire or the acquisition of the materialist world commonly identified with Westerners c. are not rational, utility-maximizing, economic agents d. value their children e. because of climate, require a lower calorie diet to survive
The demand schedule for a good shows
a. the specific quantity of the good that people are willing and able to sell at different prices b. the positive relationship between the price and the quantity of the good c. no relationship between the price and the quantity of the good d. the specific quantity of the good that people are willing and able to buy at different prices e. the quantity of the good that is sold in the market