If the market supply curve slopes upward
a. each unit of the good costs more to produce than previously produced units did
b. each unit of the good is worth more than the market price
c. each unit of the good is worth the market price paid for it.
d. the market is efficient
e. the market must be imperfectly competitive
A
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In the very long run, the level of consumption per worker can grow continually if
A) the saving rate continually falls. B) the population growth rate continually rises. C) productivity continually improves. D) the depreciation rate continually rises.
Consider the following types of demand curves:
a. a vertical demand curve b. a horizontal demand curve c. a linear downward-sloping demand curve Which of the demand curves listed exhibits a price elasticity of demand coefficient that remains constant along the demand curve? A) a only B) b only C) a and b only D) a, b, and c
If the money supply is constant when both nominal and real GDP are rising, we can conclude that:
A. tax rates have been increased. B. the velocity of money must be increasing. C. interest rates are falling. D. the unemployment rate is rising.
Use an aggregate demand–aggregate supply analysis to explain the impact of the public’s expectations of severe inflation on real domestic output and the price level.
What will be an ideal response?