When demand decreases and the demand curve shifts to the left, equilibrium price ________ and equilibrium quantity ________.
A. increases; increases
B. increases; decreases
C. decreases; increases
D. decreases; decreases
Answer: D
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All else equal, a decrease in the level of imports allowed into the United States ________ the demand for goods and service produced in the United States
A) does not affect B) decreases C) increases D) increases or decreases
Assume that Figure 4-16 shows the supply of steak. An increase in the price of cattle feed will change the supply from
A. S1to S2. B. S2to S1. C. S2to S3. D. S1to S3.
The classical notion of monetary neutrality is consistent both with a vertical long-run aggregate-supply curve and with a vertical long-run Phillips curve
a. True b. False Indicate whether the statement is true or false
At one time, many economists believed that
A. the government could determine the slope of the Phillips curve. B. the government could make the Phillips curve horizontal. C. the government could decide at which point on the Phillips curve the economy should be. D. the government could determine what the Phillips curve should be.