Other things constant, an increase in resource prices will:
A. increase aggregate demand.
B. decrease aggregate demand.
C. decrease aggregate supply.
D. increase aggregate supply.
Answer: C
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A decrease in the availability of lower-cost drugs will tend to shift the ________ curve for medical services to the ________
A) supply; left B) demand; right C) demand; left D) supply; right
When marginal cost is greater than average total cost,
A. average fixed cost must be increasing with output. B. marginal cost must be increasing with output. C. average total cost must be increasing with output. D. average variable cost must be decreasing with output.
What evidence is there as to job gains and losses in the U.S. due to free trade agreements?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) Disposable income measures the before-tax income received by resource suppliers. 2) NDP can be determined by adding taxes on production and imports to GDP. 3) If nominal GDP is 150 and the GDP price index is 200, real GDP is 75. 4) If real GDP is 50 and nominal GDP is 100, the GDP price index is 200. 5) Real GDP accounts for changes in product quality; nominal GDP does not.