If foreign real national income rises, the U.S. ____________ curve shifts _____________. When labor productivity increases the _____________ curve shifts _______________. If both of these situations occur simultaneously, the combined result would be a(n) ______________ the price level and a(n) __________________ Real GDP in the United States
A) AD; leftward; SRAS; rightward; decrease in; indeterminant impact on
B) AD; rightward; SRAS; leftward; increase in; indeterminant impact on
C) SRAS; leftward; SRAS rightward; indeterminant impact on; indeterminat impact on
D) AD; rightward; SRAS; rightward; indeterminant impact on; increase in
D
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A) future generations of taxpayers B) the Congressional Budget Office C) the Federal Reserve D) The government does not pay interest on money it borrows.
Refer to Table 12-1. The firm will not produce in the short run if the output price falls below
A) $8. B) $4. C) $3.20. D) $2.80.
Explain the basic distinction between microeconomic analysis and macroeconomic analysis. Describe the types of issues that each branch of analysis focuses on
What will be an ideal response?
What is one reason activists might lobby the government for regulation limiting the production of a product to less than would normally be in a perfectly competitive market?
A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.