The long-run aggregate supply curve is ________, while the long-run Phillips curve is ________
A) vertical; also vertical B) positively sloped; negatively sloped
C) positively sloped; positively sloped D) vertical; negatively sloped
A
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By restricting the amount of precious metals going into the colonies, the British significantly hindered economic growth in colonial America
Indicate whether the statement is true or false
Ceteris paribus, which of the following would cause a decrease in the demand for HD TVs?
a. decline in the price of HD TVs. b. increase in the price of HD TVs. c. increase in consumers' income. d. decrease in consumers' income.
Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P5 and Y1.
B. P5 and Y2.
C. P4 and Y1.
D. P4 and Y2.
Which is the best example of a firm's implicit costs?
A) wages B) the opportunity cost of owner-provided labor C) rent D) taxes