Some economists have found that U.S. imports of Chinese goods and resources
A) lower the price of goods for U.S. consumers.
B) lower the cost of inputs for U.S. firms.
C) increase the variety of products in U.S. markets.
D) may enhance productivity of U.S. firms.
E) all of the above
E
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Aggregate price information, such as recalculations of the CPI, is available to the public with ________ lags, causing difficulty for the ________ of the New Classical approach
A) long, Friedman but not Lucas version B) long, Lucas but not Friedman version C) long, Friedman and Lucas versions D) short, Friedman and Lucas versions E) short, Friedman but not Lucas version
A movement along the production possibilities curve would imply that
A) the labor force has grown. B) productivity has increased. C) society has chosen a different set of outputs. D) productivity has declined because workers are demanding more leisure.
If the graph shown represents Hanna's budget constraint, and the price of hairbands were to decrease, the slope of Hanna's budget constraint would become:
A. steeper, reflecting the fact that hairbands are now relatively less expensive.
B. flatter, reflecting the fact that hairbands are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
D. flatter, reflecting the fact that earrings are now relatively more expensive.
(The following national income data for an economy are in billions of dollars.)
Refer to the above data. Corporate profits are equal to:
A.
$442 billion
B.
$532 billion
C.
$621 billion
D.
$788 billion