A positive temporary supply side shock will:
A. increase the level of potential output in the long run.
B. decrease the price level in the long run.
C. increase the price level in the long run.
D. have no effect in the long run.
Answer: D
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The AD curve is a graph depicting the
A) relationship between the price level and the quantity of real GDP demanded. B) relationship between the price level and potential GDP. C) relationship between the price level and the quantity of real GDP supplied. D) business cycle during expansions and recessions. E) relationship between the aggregate quantity of real GDP demanded and the aggregate quantity of real GDP supplied.
In the purely competitive case, marginal revenue (MR) is equal to:
a. cost b. profit c. price d. total revenue e. none of the above
Compare the 2014 unemployment rates and labor-force participation rates of whites, blacks, adults of prime working age (ages 25-54), and teenagers (ages 16-19)
Suppose the price of gold is $300 per ounce in the United States and 2,400 pesos per ounce in Mexico. If purchasing power parity holds then, if the price of oil is $25 per barrel in the United States, the price of oil is ________ pesos per barrel in Mexico.
A. 3.125 B. 96 C. 250 D. 200