In response to a decrease in output, the economy would revert to its original level of prices and output whether the decrease in output was caused by a decrease in aggregate demand or a decrease in short-run aggregate supply
a. True
b. False
Indicate whether the statement is true or false
False
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An increase in education and training
A) increases labor productivity. B) increases aggregate hours. C) decreases real GDP growth. D) increases the employment-to-population ratio.
The total utility from three skirts is
A) three times the marginal utility of the third skirt. B) three times the price of a skirt. C) three skirts divided by total income. D) the sum of the marginal utility of the first skirt plus the marginal utility of the second skirt plus the marginal utility of the third skirt.
At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is
A. 0.33. B. 1 C. 2 D. 4
If you intend to begin jogging one week from today, and next week tell yourself you'll begin in another week, your preferences are:
A. revealed from your actions. B. more accurate in the future. C. irrational. D. time inconsistent.