An unexpected discovery of a new mineral deposit will cause the
a. demand curve to shift outward.
b. demand curve to shift inward.
c. supply curve to shift outward.
d. supply curve to shift inward.
c
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The slope of the short-run Phillips curve is consistent with:
a. the long-run trade-off between the unemployment rate and inflation. b. the long-run trade-off between inflation and GDP. c. the short-run trade-off between the money supply and interest rates. d. the short-run trade-off between business productivity and wage contracts. e. the short-run trade-off between the unemployment rate and inflation.
In the fourteenth century it is estimated that deaths resulting from the bubonic plague reduced the population by about a third. Assuming diminishing returns, the decrease in population should have
a. increased productivity and real GDP per person. b. increased productivity but decreased real GDP per person. c. increased real GDP per person, but decreased productivity. d. decreased productivity and real GDP per person.
Public goods are basically
A) rival in consumption. B) nonrival in consumption. C) depletable in consumption. D) nondepletable in consumption.
The concept of opportunity cost
A. can be applied to the analysis of any decision-making process. B. refers only to actual payments and incomes. C. is relevant only to economics. D. applies to consumers but not to firms.