On the graph above, an example of a negative demand shock is the movement from point ________ to point ________
A) F; G
B) H; I
C) F; H
D) H; F
E) none of the above
B
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The ________ is the price of one good ________ the price of another good
A) relative price; times B) relative price; divided by C) budget; times D) budget; divided by
Explain for each event whether it changes the quantity of real GDP supplied, short-run aggregate supply, long-run aggregate supply, or a combination of them
What will be an ideal response?
Assume that the economy is currently in short-run equilibrium, then the U.S. dollar appreciates in the foreign exchange market. Describe the correct sequence of events that happens as the economy adjusts to a new short-run equilibrium
Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. On the fifth day of Sven's vacation, he had decided that another hour of skiing would yield:
A. the same level of utility as the day before. B. more utility than blueberry picking. C. no utility at all. D. less utility than blueberry picking.