The land of Ur increases its capital stock. As a result, the long-run aggregate supply curve shifts ________ and so does the ________ curve.
What will be an ideal response?
rightward; short-run aggregate supply curve
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The demand equation for the Widget Company has been estimated to be:
Q = 20,000 + 10 I - 50P + 20 PC where Q = monthly number of widgets sold, I = average monthly income, P = price of widgets, and PC = average price of competing goods. a. If next month's income is forecast to be 2,000, the price of competing goods is forecast to be $20, and the price of widgets will be set at $30, forecast sales. b. What will sales be if the price is dropped to $20?
When sketched as a function of disposable income, the investment demand curve is:
A. always horizontal. B. always vertical. C. upward sloping. D. parabolic.
A production possibility frontier that is a line sloping straight down from left to right suggests that:
Taxable income" is
A. total income less deductions and exemptions. B. earned income less property income. C. all income other than wages and salaries. D. wage and salary income only.