The employee is thinking like an entrepreneur in which of the following situations?
What will be an ideal response?
A staff member brings a plan to the supervisor which describes how to reduce costs and attract new customers.
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When is a price ceiling ineffective?
What will be an ideal response?
The social cost of a monopoly is equal to its
a. economic profit. b. fixed cost. c. deadweight loss. d. variable cost.
According to Friedman and Phelps, policymakers face a tradeoff between inflation and unemployment
a. only in the long run. b. only in the short run. c. in neither the long run nor short run. d. in both the short run and long run.
Exhibit 10-8 Aggregate demand and supply
In Exhibit 10-8, if aggregate demand shifts from AD1 to AD2,
A. real GDP will increase from $3.0 to $7.0, and the price level will remain the same. B. real GDP will increase from $3.0 to $4.0, and the price level will remain the same. C. real GDP and the price level will both remain the same. D. real GDP will increase from $3.0 to $4.0, and the price level will increase from 100 to 140.