The only requirement for short-run equilibrium is that the economy must be on the aggregate supply curve
a. True
b. False
B
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The Fabian socialists argued that there would be no social cost associated with
a. a proportional income tax. b. the sharp price declines caused when a speculative bubble bursts. c. limits on employer monitoring imposed to protect employees' privacy. d. the appropriation of rents by the government.
Over the last twenty years, the U.S. has generally had a current account ________ and a capital account ________
A) surplus, surplus B) surplus, deficit C) deficit, surplus D) deficit, deficit
The theory of bounded rationality states that it is likely for consumers to have perfect information
a. True b. False Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.