Refer to the diagram. The initial aggregate demand curve is AD 1 and the initial aggregate supply curve is AS 1 . Cost-push inflation in the short run is best represented as a:
A. leftward shift of the aggregate supply curve from AS 1 to AS 2 .
B. rightward shift of the aggregate demand curve from AD 1 to AD 2 .
C. move from d to b to a.
D. move from d directly to a.
A. leftward shift of the aggregate supply curve from AS 1 to AS 2 .
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Government expenditures are defined as
A) government spending on goods and services plus transfer payments. B) the excess of total expenditures over total revenues. C) the sum of all past borrowing by the government. D) the excess of total revenues over total expenditures.
The closer the substitutes for a good, the
A) more elastic is the demand for the good. B) less elastic is the demand for the good. C) smaller the degree of substitutability between the goods. D) larger the proportion of income that is spent on the good.
Utils are used by economists to measure the satisfaction a person obtains from consuming a good
Indicate whether the statement is true or false
Which of the following is an individual mandate in the federal government's new national health care program?
A) Under the new program, the federal government will coordinate the establishment of health insurance exchanges. B) Firms with at least 50 employees must either provide health insurance or pay fines when uninsured employees receive tax subsidies to purchase insurance. C) A tax rate of 3.8 percent will be assessed on nearly all earnings above $200,000 per year forindividuals and above $250,000 per year for married couples. D) Nearly all U.S. residents must either purchase health insurance coverage or pay a fine of up to $750 per year for an individual (up to $2,250 per year for a family).