Related to the Economics in Practice on p. 666: When a country opens its markets to free trade, competition ________ and efficiency ________.
A. decreases; improves
B. grows; declines
C. grows; improves
D. decreases; declines
Answer: C
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If the dollar appreciates and the U.S. AD curve shifts _______________ by an amount less than the U.S. SRAS curve shifts __________________, then Real GDP will _________________________
A) rightward; leftward; increase B) rightward; leftward; decrease C) leftward; rightward; increase D) leftward; rightward; decrease
If households save $40 billion less at each level of income and the MPC=0.8, the aggregate expenditure line will
What will be an ideal response?
Answer the question based on the following list of items that are related to aggregate demand and/or aggregate supply.
Refer to the list above. Changes in which combination of factors best explain why the aggregate supply curve would shift?
A. 1 and 2
B. 2 and 10
C. 3 and 6
D. 7 and 8
For a monopolist, changes in demand will lead to changes in
A) price with no change in output. B) output with no change in price. C) both price and quantity. D) any of the above can be true.