Which of the following corresponds to the definition of the supply curve?
A. It depicts a positive relationship between income and quantity supplied.
B. It depicts a positive relationship between technology and prices.
C. It depicts a positive relationship between prices and quantity supplied.
D. It depicts a negative relationship between prices and quantity supplied.
Answer: C
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If the growth rate of the quantity of money is 4 percent per year, potential GDP and real GDP grow at 3 percent per year, and velocity does not change, in the long run what is the inflation rate?
What will be an ideal response?
Exhibit 3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
In Exhibit 9-3, what is the maximum hourly profit that GeneTech can earn from its vaccine?
A. $1,500. B. $3,000. C. $4,500. D. $10,500.
The data collected by the Bureau of Labor Statistics have been criticized because
A. part-time workers are not counted in the number of workers employed. B. discouraged workers are treated as part of the labor force. C. some workers who are not looking for work are included in the labor force. D. millions of people with make-work jobs are counted as employed.
If a tax is placed on one good and not another, the effect that causes you to buy less of the taxed good because it has become relatively more expensive is called the
A. domino effect. B. substitution effect. C. net effect. D. income effect.