Refer to the diagram. Line (2) reflects a situation where resource prices:
A. decline as industry output expands.
B. increase as industry output expands.
C. rise and then decline as industry output expands.
D. remain constant as industry output expands.
D. remain constant as industry output expands.
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Refer to the scenario above. What is the number of unemployed workers in the economy?
A) 1 million B) 2 million C) 3 million D) 4 million
Which figure above shows the effect if research is published claiming that eating pizza is healthy?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure D
In the aggregate demand-aggregate supply model, an increase in the price level will
a. increase money demand, raise the interest rate, reduce aggregate expenditure, and decrease equilibrium real GDP b. decrease money demand, lower the interest rate, increase aggregate expenditure, and increase real GDP c. increase the money supply, lower the interest rate, increase aggregate expenditure, and increase real GDP d. decrease the money supply, raise the interest rate, reduce aggregate expenditure, and decrease real GDP e. not change money supply, money demand or the interest rate, but will shift the aggregate demand curve to the right
The freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets describes:
A. socialism. B. communism. C. consumer sovereignty. D. the aspirations of Karl Marx.