Which of the following is most likely to happen if the aggregate demand curve for an economy (which was initially in equilibrium) shifts to the left?
a. The equilibrium real GDP will decrease
b. The equilibrium price level in the economy will increase.
c. The aggregate supply curve will shift rightward.
d. The aggregate supply curve will shift leftward.
e. The economy will experience an expansion.
a
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Which of the following world regions has received the largest percentage of lending from the World Bank since 1990?
A) Latin America/Caribbean B) South Asia C) Africa D) Middle East
Labor-augmenting technology causes which of the following? (i) The marginal productivity of labor increases. (ii) The marginal productivity of labor decreases. (iii) Labor demand shifts to the right. (iv) Labor demand shifts to the left
a. (i) only b. (ii) only c. (i) and (iii) only d. (ii) and (iv) only
The Condorcet voting paradox applies to situations in which voters
a. decide between exactly two possible outcomes. b. decide among more than two possible outcomes. c. as a group have transitive preferences. d. choose the inferior candidate even though the majority preferred the better candidate.
To compute the real income of a household, the index that should be used is the
A. Cost of Living Adjustment (COLA). B. Consumer Price Index (CPI). C. Producer Price Index (PPI). D. GDP deflator.