An aggregate supply curve depicts the relationship between
A) the price level and the quantity of nominal GDP supplied.
B) household expenditures and household income.
C) the price level and the quantity of real GDP supplied.
D) the money wage rate and the quantity of real GDP supplied.
C
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Refer to Figure 1-4. Which of the following statements is false?
A) The slope of the tangent at E and the slope of the tangent at F are equal. B) The slope of the tangent at F is negative. C) The slope of the tangent at E is positive. D) Neither the slope of the tangent at E nor the slope of the tangent at F are equal to zero.
The basic forces driving the "invisible hand" are
a. government and business. b. information and computer technology. c. competition and self-interest. d. cooperation and altruism.
If capital is specific to manufacturing and land is specific to agriculture, then migration of labor from lowincome to highincome countries will cause:
a. the wage to rise in the highincome country and the wage to fall in the lowincome country. b. the wage to fall in the highincome country and the wage to rise in the lowincome country. c. the wage to rise in both the highincome and low income countries. d. the wage to fall in both the highincome and low income countries.
What do economists call the factor payments that go to capital?
a. wages b. rent c. interest d. deposits