The movement of the vertical _____ curve to the _____ reflects the increase in potential output on account of the development of new technologies, and increase in the quantity and quality of resources
a. long-run aggregate supply; right
b. short-run aggregate supply; right
c. short-run aggregate demand; left
d. long-run aggregate demand curve; left
e. long-run aggregate supply; left
a
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The table above gives the CPI for a nation. Based on the table, we can determine that the reference base period is
A) 1994. B) 1996. C) 1998-2000. D) 2002. E) More information about when the Consumer Expenditure Survey was undertaken is needed to answer the question.
The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops
A) 300,000 B) 500,000 C) 700,000 D) 0 flip-flops because the United States exports E) 400,000
In the circular flow model, which of the following items is a real flow?
A. The flow of government expenditures to firms for the goods bought B. The flow of income from firms to households for the services of the factors of production hired C. The flow of U.S. borrowing from the rest of the world D. The flow of labor services from households to firms
Market clearing price
A) refers to a movement along the demand curve. B) refers to a supply curve. C) exists at a the point at which quantity demanded equals quantity supplied. D) refers to a surplus.