Which of the following statements is false?
A) An increase in wage rates causes producers to move up along the SRAS curve.
B) An increase in the price level causes producers to move up along the SRAS curve.
C) The short-run aggregate supply (SRAS) curve is upward sloping.
D) The long-run aggregate supply (LRAS) curve is vertical.
A
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In the Malthusian model, an improvement in the technology of growing food is likely to
A) increase the equilibrium size of the population and increase the equilibrium level of consumption per worker. B) increase the equilibrium size of the population and decrease the equilibrium level of consumption per worker. C) increase the equilibrium size of the population and have no effect on the equilibrium level of consumption per worker. D) have no effect on the equilibrium size of the population and increase the equilibrium level of consumption per worker.
As a general rule, you would be unwise to keep a deposit at an FDIC-insured bank in an amount greater than
a. 20 percent of the bank's reserves. b. $1,000,000. c. $250,000. d. an infinite amount; there is no limit.
If duopolists individually pursue their own self-interest when deciding how much to produce, the amount they will produce collectively will
a. be less than the monopoly quantity. b. be equal to the monopoly quantity. c. be greater than the monopoly quantity. d. Any of the above are possible.
In which of the following would the richest tenth of the population be most likely to receive the highest percentage of the country's income?
A. The United States. B. Japan. C. The United Kingdom. D. Namibia.