Which of the following will most likely occur in the short run if long-run equilibrium is disturbed by an unanticipated decrease in aggregate demand?
a. a decrease in output and a higher price level
b. an increase in output and a higher price level
c. a decrease in output and a lower price level
d. an increase in output, while prices remain unchanged
C
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Holding other factors constant, technological progress ________ the real wage and ________ employment.
A. decreases; increases B. increases; decreases C. increases; does not change D. increases; increases
An economy of 25 million people has twenty percent of them engaged in research and development, where their productivity is 0.0056. The economy is on a balanced growth path, when suddenly a wave of immigration raises the population to 27 million
Assume that the new workers are immediately "on the job," and that the fraction engaged in R&D remains twenty percent. For the one period that begins with this population increase, the growth rate of output per person is ________. [Refer to the instruction above.] A) 4.3% B) 1.8% C) 3% D) 8%
"The number of species on earth is decreasing drastically and economic development is the main factor for the problem." Do you agree or disagree? Why?
What will be an ideal response?
Which of the following is an example of market "production," as used by economists?
A) Garvey takes out a low-cost government loan to start his pet-sitting business. B) Heidi makes a pizza for her family's dinner. C) Katrina works as a cashier at the local produce stand. D) The theatre and film studies department in Fine Art's College stages a play at the local theatre.