Competition promotes the _____ ---- of resources and provides the _____ for innovative improvements
Fill in the blank(s) with the appropriate word(s).
Efficient use, incentive
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The price of wine has risen from $7 to $9 per bottle and the price of cheese has fallen from $6 to $5 per pound, while Anne's income has stayed fixed at $46 per week. Since the price changes, Anne has been buying 4 bottles of wine and 2 pounds of cheese per week. We can conclude that
a. Anne is indifferent about the price changes. b. Anne is worse off after the price changes. c. Anne is better off after the price changes. d. Anne may be worse off, better off, or indifferent after the price changes.
Using the II-XX framework, show using a figure that fiscal policies by themselves cannot bring the economy to both internal and external balances
What will be an ideal response?
Unexpected events that increase aggregate supply, sometimes only temporarily, are _____ shocks.
Fill in the blank(s) with the appropriate word(s).
When the ________ decreases, then potential output decreases.
A. short-run aggregate supply B. short-run aggregate demand C. long-run aggregate demand D. long-run aggregate supply