A rightward shift in the aggregate supply curve with no change in the aggregate demand curve signals an economic expansion
a. True
b. False
Indicate whether the statement is true or false
True
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There is greater support for active policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) none of the above.
A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve
a. True b. False Indicate whether the statement is true or false
Suppose price increases from $7.00 to $13.00. Using the mid-point formula, the percentage change in price is:
A. 0.6 = 60 percent. B. 70 percent. C. 130 percent. D. -.0.6 = -60 percent.
In constructing a production possibilities curve, all of the following are assumed EXCEPT
A) resources are fully employed. B) the quantity and quality of resources being used is fixed. C) the state of technology is improving. D) the time period involved is fixed.