Aggregate supply:
A. has a curve explained by rising costs.
B. is generally a upward-sloping curve.
C. shows the relationship between the price level and the quantity of total output demanded, ceteris paribus.
D. All of the above are true
B. is generally a upward-sloping curve.
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Refer to the above table. Suppose one country has a per capita real GDP of $1000 and another has a per capita real GDP of $10,000, or ten times larger. If both countries have a growth rate of 5 percent, how much larger will per capita real GDP be in the second country be than the first after 50 years?
A) 8 times larger B) 5 times larger C) 10 times larger D) 4 times larger
A monopolist has the power to set price, but is not entirely free to set the price of its product. Explain
What will be an ideal response?
In recent years unemployment rates in several European countries have been higher than unemployment rates in the United States. Many economists believe that European unemployment rates have been higher because
A) European firms hire many seasonal workers from other countries, and this tends to inflate unemployment rates in their countries. B) of the different methods used to measure unemployment. If similar methods were used, unemployment rates in Europe and the United States would be about the same. C) the size of the military is much larger in the United States and all military personnel are classified as employed. D) unemployment benefits are more generous in Europe than in the United States.
Economists consider environmental pollution to be a(n)
A. externality. B. pure public good. C. allocatively efficient outcome. D. public interest outcome.