A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only.
B. aggregate demand curve only.
C. aggregate demand curve, and the short-run aggregate supply curve would shift in response.
D. short-run aggregate supply curve and the long-run aggregate supply curve.
Answer: A
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Which of the following is true in an ultimatum game if more money is considered to be better than less?
A) The equilibrium outcome in an ultimatum game is equitable. B) The equilibrium outcome in an ultimatum game is socially efficient. C) The equilibrium in an ultimatum game is always a dominant strategy equilibrium. D) There is no unique equilibrium in an ultimatum game.
In the United States in 2012, the CDC estimated that the total number of people with diabetes (both diagnosed and undiagnosed cases) was highest for people in the age range of ________, and the percentage of people with diabetes was highest for people in the age range of ________.
A) 65 and older; 20-44 B) 65 and older; 65 and older C) 20-44; 45-64 D) 45-64; 65 and older
Which of the following conditions must hold if a consumer is maximizing her utility?
A. MUX × PX = MUY × PY B. MUX = MUY C. MUX/PY = MUY/PX D. MUX/PX = MUY/PY
Which of the following is most likely a topic of discussion in macroeconomics?
A. an increase in the price of a hamburger B. a decrease in the production of DVD players by a consumer electronics company C. an increase in the wage rate paid to automobile workers D. a decrease in the unemployment rate