Refer to Table 8-16. Given the information above, what can we say has happened in the economy from 2015 to 2016?
A) The price level has risen.
B) The price level has fallen.
C) The price level has remained constant.
D) Not enough information is available to determine what has happened to prices.
A
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When Joe's Gas raises its price for regular unleaded gasoline, total revenue from regular unleaded gas falls to zero. It must be the case that
A. there are not many good substitutes for Joe's regular unleaded gasoline. B. the demand for Joe's regular unleaded gasoline is perfectly elastic. C. the demand for Joe's regular unleaded is inelastic. D. consumers are switching to premium grades of gasoline.
The unemployment of some groups, such as low-skill workers, may increase as a result of the imposition of a minimum wage.
Answer the following statement true (T) or false (F)
The quantity of real GDP supplied decreases if the price level ________ because it ________ profits
A) falls; decreases B) rises; increases C) rises; decreases D) falls; increases E) None of the above answers is correct because the AS curve is vertical so that the quantity of real GDP supplied does not change when the price level changes.
The ability of factors to migrate abroad
A) reduces the severity of unemployment and the fall in the rate of return available to investors. B) increases the severity of unemployment and the fall in the rate of return available to investors. C) reduces the severity of unemployment but increases the fall in the rate of return available to investors. D) cannot change the severity of unemployment and the constant rate of return available to investors. E) reduces the migration of highly-skilled workers.