Colombia produces coffee with less labor and land than any other country. This implies that it has:
a. a comparative advantage in coffee production.
b. a perfectly elastic demand curve for coffee.
c. a perfectly inelastic supply curve of coffee.
d. an absolute advantage in coffee production.
d
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The money supply is determined
a. only by the Fed. b. by the Fed and banks. c. by the Fed, banks, and the public. d. by congress. e. by the President.
An increase in the money supply may __________ total expenditures, leading to a __________ shift of the AD curve
A) increase; rightward B) increase; leftward C) decrease; rightward D) decrease; leftward
Refer to the above figure. Unexpected contractionary monetary policy has caused the aggregate demand curve to shift to AD2. In the long run
A. real GDP will be Y1, and the price level will be P1. B. real GDP will be between Y1 and Y2, and the price level will be above P1. C. real GDP will be Y1, and the price level will be below P2. D. real GDP will be Y2, and the price level will be P2.
The natural rate of unemployment is made up of
A) frictional, cyclical, and structural unemployment. B) frictional and cyclical unemployment. C) cyclical and structural unemployment. D) frictional and structural unemployment. E) seasonal and structural unemployment.