A decrease in gross domestic product (GDP) necessarily means that consumer welfare has decreased
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the figure above. What is the equilibrium employment and wage rate after the demand curve shifts to LD2?
A) 20 units of labor and $35 B) 5 units of labor and $15 C) 15 units of labor and $20 D) 10 units of labor and $10
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 5 smoothies B. 15 smoothies C. 3 smoothies D. 1/3 of a smoothie
About _____ out of every ten dollars in our money supply consists of currency.
Fill in the blank(s) with the appropriate word(s).
The Keynesian short-run aggregate supply curve in the simplified Keynesian model is unrealistic because
A. prices and wages will never decrease. B. some price adjustments do take place in the short run. C. the classical model is better in explaining how the economy operates. D. a vertical curve does not make economic sense.