A ________ traces out the behavior of the economy over time
A) dynamic equilibrium B) static equilibrium
C) steady-state equilibrium D) comparative equilibrium
A
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What would happen to the budget line if income as well as prices of both goods increase by the same percentage?
A. A rightward parallel shift in the budget line B. A leftward parallel shift in the budget line C. A rightward shift in the budget line D. No shift in the budget line
During 2003-2007, the price of crude oil increased substantially on the world market. Other things constant, how will an unanticipated increase in oil prices influence the general level of prices and real output of oil-importing nations such as the United States and Japan?
a. Both real output and the general level of prices will decrease. b. Both real output and the general level of prices will increase. c. Real output will increase, and the general level of prices will decrease. d. Real output will decrease, and the general level of prices will increase.
Structural unemployment:
A. Is generally less than cyclical unemployment B. Cannot be reduced with demand side policies C. Includes cyclical unemployment D. Is generally greater than cyclical unemployment
The market demand is the:
A. horizontal sum of all individual demand curves in a market. B. horizontal sum of all individual prices in a market. C. sum of all individual demand curves and supplies in a market. D. vertical sum of all individual demand curves.