The aggregate supply curve describes the same relationship between price and quantity as a microeconomic supply curve
a. True
b. False
B
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During a presidential campaign, the incumbent argues that he should be reelected because nominal GDP grew by 12 percent during his 4-year term in office. You know that population grew by 4 percent over the period and that the GDP deflator increased by 6 percent during the past 4 years. You should conclude that real GDP per person
a. grew by more than 12 percent. b. grew, but by less than 12 percent. c. was unchanged. d. decreased.
If the MPC = 0.75, then the government purchases multiplier is about
a. 1.33. b. 7. c. 4. d. 3.
The highest concentration ratio
A. is in Industry X.
B. is in Industry Y.
C. is in Industry Z.
D. cannot be determined.
For a firm operating in a perfectly competitive industry:
A.) an improvement in technology will reduce marginal cost. B.) an improvement in technology will shift the firm and industry supply curve to the left. C.) controlling the market price is easily achievable. D.) Both A and B are true.