A large grain crop resulting from favorable weather conditions would shift which of the following curves?
a. only aggregate demand
b. aggregate demand and short-run aggregate supply
c. only short-run aggregate supply
d. only long-run aggregate supply
C
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The richest 20 percent of individuals in the United States receive about ________ of the nation's total income
A) 21 percent B) 23 percent C) 91 percent D) 51 percent E) 99 percent
Which of the following is necessary in order for a firm to successfully practice price discrimination?
A) The firm must practice product differentiation. B) The firm's transactions costs must be zero. C) The firm must be able to segment the market for the product. D) The demand for the firm's product is inelastic.
The U.S. government imposes import quotas on many agricultural products, especially products that receive price supports. Offer an economic explanation for this
What will be an ideal response?
Which of the following most accurately describes the changes in GDP and unemployment between 1929 and 1933?
a. Real GDP changed little but the unemployment rate increased to about 50%. b. Real GDP increased by about 10% and the unemployment rate decreased to about 3%. c. Real GDP decreased by about 30% and the unemployment rate increased to about 25%. d. Both Real GDP and the unemployment dropped significantly.