When technology improves in a country with a fast-growing population ________
A) output rises, but output per person does not
B) output rises in that country, while output per person rises in other countries
C) output per person rises in that country and around the world
D) output per person rises temporarily, then declines
C
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Assume that a seller in a perfectly competitive market charges more than competitors are charging. It is likely that this seller will:
A) increase his profit. B) increase his sales. C) lose only a few buyers. D) lose almost all of his buyers.
The equilibrium price will rise and the equilibrium quantity might increase, decrease, or stay the same when the
A) demand and the supply of a good both increase. B) demand for a good increases and the supply of it decreases. C) demand for a good decreases and the supply of it increases. D) demand and the supply of a good both decrease.
Suppose Jack's salary increased from $100,000 to $200,000 per year between 2004 and 2014 and the price index increased from 100 to 300 during the same period. Which of the following statements best describes Jack's situation? a. His real income and money income have both increased
b. His real income has increased and money income has decreased. c. His real income and money income have both decreased. d. His real income has decreased and money income has increased. e. His real income has remained unchanged.
Which of the following statements best describes the outcome of a shift in the SRAS curve?
a. A shift in the SRAS curve to the left will result in a greater real GDP and downward pressure on the price level, if aggregate demand remains unchanged. b. A shift in the SRAS curve to the right will result in a greater real GDP and downward pressure on the price level, if aggregate demand remains unchanged. c. A shift in the SRAS curve to the right will result in a greater real GDP and upward pressure on the price level, if aggregate demand remains unchanged. d. A shift in the SRAS curve to the left will result in a greater real GDP and upward pressure on the price level, if aggregate demand remains unchanged.