If the aggregate supply curve shifts leftward, then _____
a. the price level increases and output increases
b. the resulting increase in the price level is usually called cost-push inflation
c. the resulting increase in the price level is usually called demand-pull inflation
d. the price level increases as long as the aggregate demand curve shifts rightward
e. the price level decreases and output increases
b
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Which group is responsible for the policy decision of changing the money supply?
A. Federal Open Market Committee B. Federal Advisory Council C. Office of Management and Budget D. Thrift Advisory Council
Refer to Table 7-4
a. Which country has an absolute advantage in the production of both light bulbs and flash drives? b. Which country has a comparative advantage in the production of light bulbs? c. Which country has a comparative advantage in the production of flash drives?
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2016, we would say that in the year 2016, the average American could buy ________ times as many goods and services as the average American in 1950
A) 1/8 B) 4 C) 8 D) 12
The United States and Canada trade hockey skates and apple pie. If the United States has an absolute and a comparative advantage in the production of apple pie, then:
A. Canada must have the comparative advantage in the production of skates. B. Canada must have the absolute advantage in the production of skates. C. Canada must have the absolute and comparative advantage in the production of skates. D. the United States must also have the comparative advantage in the production of skates.