Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s). Recall the Application. In the long run, the supply curve for coffee is ________ and the elasticity of supply is ________ than in the short run.
A. steeper; larger
B. steeper; smaller
C. flatter; larger
D. flatter; smaller
Answer: C
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Japanese electronics exports were hurt in 2008 as a result of the recession. How would this decrease in exports have affected Japan's aggregate demand curve?
A) The aggregate demand curve would have shifted to the right. B) The aggregate demand curve would not have shifted, but there would have been a movement up the aggregate demand curve. C) The aggregate demand curve would have shifted to the left. D) The aggregate demand curve would not have shifted, but there would have been a movement down the aggregate demand curve.
GDP measured with constant prices is referred to as
A) real GDP. B) nominal GDP. C) the GDP deflator. D) industrial production.
Economists assume people's tastes are
a. determined solely by advertising b. relatively stable over time c. quite variable d. irrelevant to utility analysis e. identical
One problem with the unemployment rate is that:
a. discouraged workers are included in the calculation. b. the data includes part-time workers as fully employed. c. underemployment is measured in the calculation. d. all of these are problems.