An increase in resources, efficiency, or technology will shift the:
A) short-run aggregate supply curve rightward.
B) short-run aggregate supply curve leftward.
C) long-run aggregate supply curve rightward.
D) long-run aggregate supply curve leftward.
C
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Refer to the scenario above. This implies that Lawland has a trade ________
A) deficit B) surplus C) tariff D) equilibrium
Mary Ellen lives in a large city and earns $100,000 a year. Her sister, Molly, lives in a small rural community and earns only $20,000 a year
Based on this information, can you conclude that Mary Ellen is better off than her sister? Explain your answer.
GDP can be measured by the
A) total value of all sales in the economy. B) total market value of final goods and services produced in the economy. C) total value of all intermediate goods produced in the economy. D) net national product plus investment.
Which of the following statements is true?
a. The four phases of the business cycle, in order, are: peak, recovery, trough, recession. b. When unemployment is rising then real GDP is rising. c. The economic problem typically associated with a recovery is rising unemployment. d. Full employment exists in an economy when the unemployment rate equals the sum of frictional, and structural unemployment rates.