When the aggregate demand curve and the short-run aggregate supply curve intersect,
A) the economy is in short-run macroeconomic equilibrium.
B) inflation must be increasing.
C) structural and frictional unemployment equal zero.
D) the long-run aggregate supply curve must also intersect at the same point.
A
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The following table provides nominal exchange rates for the U.S. dollar.CountryForeign currency/dollarDollar/foreign currencyPoland(Zloty)4.367.229South Africa(rand)6.944.144Based on these data, the nominal exchange rate equals approximately ________ zloty per South African rand or, equivalently, ________ rand per Polish zloty.
A. 0.021; 47.640 B. 0.629; 1.590 C. 47.640; 0.021 D. 1.590; 0.629
According to the authors of your text, the phrase "property rights" can be substituted with the phrase
A) "property wrongs." B) "what people think they can get away with." C) "animal rights." D) "rugged individualism." E) "free market capitalism."
The following are all determinants of income differences examined in the text EXCEPT
A) age. B) marginal productivity. C) inheritance. D) height.
Given a production possibilities curve, a point:
a. inside the curve represents unemployment. b. on the curve represents full employment. c. outside the curve is currently unattainable. d. all of these.