Which of the following is an example of an increasing cost industry?
A. coffee
B. sugar
C. apartments
D. All of these are correct.
Answer: D
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Suppose the U.S. economy is producing at the natural rate of output. An appreciation of the U.S. dollar will cause ________ in real GDP in the short run and ________ in inflation in the long run, everything else held constant
(Assume the appreciation causes no effects in the supply side of the economy.) A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
If the marginal propensity to consume (MPC) is 0.90, the value of the spending multiplier is 90
a. True b. False Indicate whether the statement is true or false
Total welfare gains from trade to the economy can be measured by the sum of consumer and producer surplus
a. True b. False Indicate whether the statement is true or false
Starting from long-run equilibrium, the long-run impact of a war that raises government purchases, compared to the original equilibrium, is:
A. lower inflation and lower output. B. higher inflation and the same output. C. lower inflation and the same output. D. higher inflation and higher output.