A rise in the price level produces a ________ the aggregate supply curve
A) rightward shift of
B) movement downward along
C) leftward shift of
D) movement upward along
E) rightward shift of the aggregate supply curve and a movement downward along
D
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Use the diagram above to identify the pre-trade situation for Australia and Sri-Lanka
Where on the K/L axis will you find each of the two countries? Which of the two countries has a higher relative wage, w/r? Which product is the labor intensive, and which is the land intensive one? Show where the relative price of cloth to food will be found once trade opens between these two countries. Show where the relative wages of each will appear.
The quantity of goods and services that can be produced by one worker or by one hour of work is known as
A) per-capita GDP. B) labor productivity. C) real domestic output. D) the labor force participation rate.
One Guy's Pizza advertising expenditures are $1,200 and sales are $30,000. When the advertising expenditure increases to $1,400, pizza sales increase to $32,000. The arc advertising elasticity of demand is approximately ________
A) 0 B) 0.1 C) 0.4 D) 2.5 E) 12.5
Marginal profit is equal to
A) marginal revenue minus marginal cost. B) marginal revenue plus marginal cost. C) marginal cost minus marginal revenue. D) marginal revenue times marginal cost. E) marginal revenue divided by marginal cost.