Refer to Figure 3-2. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
A
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Polonia produces two goods - X and Y. The quantity produced of the two goods and their prices in two different years are given in the table below:
Year Good X Price Good X Quantity Good Y Price Good Y Quantity 1 $10 100 $12 250 2 $25 120 $22 300 i) Calculate the real GDP of Polonia in Year 2 taking Year 1 as the base year. ii) What is the growth rate of Polonia's real GDP between Year 1 and Year 2?
The figure above shows the relationship between distance sprinted and recovery time. The curve becomes steeper because as the distance sprinted increases,
A) the extra recovery time needed from sprinting another 100 yards increases. B) the extra recovery time needed from sprinting another 100 yards decreases. C) the recovery time increases. D) the recovery time decreases. E) the relationship between distance sprinted and recovery time becomes more inverse.
Refer to Figure 17-2. Suppose the economy is at point A in the figure above. Which of the following is true?
A) The long-run Phillips curve will shift to the right. B) The short-run Phillips curve will shift to the right. C) The short-run Phillips curve will shift to the left. D) The long-run Phillips curve will shift to the left. E) Actual inflation and expected inflation are the same.
If a linear supply curve has a zero intercept, the elasticity of supply is always unitary
What will be an ideal response?