In the aggregate demand and aggregate supply model,
a. the factors that cause the demand curves in both models to slope downward are the same
b. the factors that cause the supply curves in both models to slope upward are the same
c. the upward-sloping aggregate demand curve intersects the downward-sloping aggregate supply curve to determine the economy's price level and GDP
d. the upward-sloping aggregate supply curve intersects the downward-sloping aggregate demand curve to determine the economy's price level and GDP
e. the price level never changes even with shifts in aggregate demand and aggregate supply
D
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Which of the following best defines what money is now and what it has been in the past?
A) currency plus credit cards B) anything accepted as a means of payment C) currency D) anything used as a store of value E) currency plus checking deposits
A change in the price level produces a ________ the aggregate demand curve
i. shift in ii. change in the slope of iii. movement along A) i only B) ii only C) iii only D) i and ii E) i and iii
Collusion is:
A. more likely when the threat of market entry is missing. B. more likely in perfectly competitive markets. C. less likely when the threat of market entry is missing. D. not affected by firm’s ability to enter a market.
Which of the following statements is true?
A. Free trade will benefit all workers in a nation equally. B. As a result of specialization some workers will be displaced and harmed in the short run by free trade. C. Free trade leads to lower wages for all workers in both nations. D. Specialization will result in a decline in an industry and none of those workers will be able to find other jobs.