Which statement is true?
A. The economic problem is limited to poverty.
B. Scarcity is no longer an economic problem in the United States.
C. If we all had more money there would be less scarcity.
D. None of these statements are true.
D. None of these statements are true.
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Aggregate demand and aggregate supply must be combined to determine the price level and the "real" GDP
Indicate whether the statement is true or false
If an oligopolistic manufacturer believes that he faces a kinked demand curve for his product, he thinks his competitors will ____ if he lowers his price and ____ if he raises his price
a. lower their prices; raise their prices. b. lower their prices; not raise their prices c. not lower their prices; raise their prices d. not lower their prices; not raise their prices
According to the Austrian view of the business cycle, if expansionary monetary policy pushes the interest rate to an artificially low level, the result will be
a. a long-term increase in output and employment. b. malinvestment and an unsustainable economic boom, followed by a recession. c. an increase in demand stimulus, that will expand employment and lead to a rapid increase in long-term economic growth. d. a temporary increase in the inflation rate, followed by a sustainable expansion in output and employment.
An increase in the price of a nonlabor input such as oil will cause
A) a movement down the SRAS curve. B) a movement up the SRAS curve. C) a leftward shift in the SRAS curve. D) a rightward shift in the SRAS curve. E) no change regarding the SRAS curve.