If income increases, then with regard to expensive cuts of steak, it is likely that the demand curve
a. shifts to the right
b. shifts to the left
c. becomes steeper
d. does not change
e. becomes flatter
A
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Evaluate the following statement. If a firm is suffering economic losses then the sensible thing to do is to shut down temporarily
What will be an ideal response?
Inflation was a problem during the Great Depression
Indicate whether the statement is true or false
Picture an economy that is in general equilibrium. What would happen if the natural rate of unemployment were to experience an increase?
A) according to the Phillips curve, the ensuing negative unemployment gap would exert inflationary pressures B) according to Okun's Law, the ensuing negative unemployment gap would be consistent with a positive output gap C) according to the AD-AS framework, the LRAS curve would shift to the left and the ensuing positive output gap would be closed by subsequent leftward shifts in the AS curve to higher equilibrium levels of inflation D) all of the above E) none of the above
To economists, the resource category land includes all of the following except: a. trees
b. a sawmill. c. a water body. d. a limestone deposit.