If the short-run aggregate supply curve is shifting left:
a. the short-run Phillips curve is shifting left.
b. the short-run Phillips curve is shifting right.
c. the long-run Phillips curve is shifting right.
d. the long-run Phillips curve is shifting left.
b
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At the output level that maximizes economic surplus
A. consumer surplus exceeds producer surplus by the greatest amount. B. marginal benefit exceeds marginal cost by the greatest amount. C. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output. D. the areas of consumer and producer surplus necessarily are equal.
Commercial paper has a maximum maturity of
A) one day. B) seven days. C) 30 days. D) 270 days.
The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output
a. True b. False Indicate whether the statement is true or false
A surplus will occur whenever:
a. The supply curve is upward sloping b. supply equals demand c. Price is set above the equilibrium price d. Price is set below the equilibrium price