Aggregate Supply decreases when
A. worker productivity increases.
B. technology improves.
C. raw materials' prices fall.
D. wages rise.
Answer: D
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The nominal interest rate approximately equals which of the following?
A) the real interest rate minus the inflation rate B) the real interest rate plus the inflation rate C) the real interest rate minus the growth rate of real GDP D) the real interest rate plus the growth rate of real GDP
Macroeconomics is the branch of economics that concerns
a. the behavior of individual actors in the economy b. output in a specific industry c. the overall health of the economy d. the federal government only e. prices in a specific industry
The idea behind reciprocity between two trading countries is that they
a. share the gains from trade equally b. eliminate quotas against each other c. eliminate tariffs against each other d. use the same set of trading practices with respect to each other e. agree to retaliate against other trading countries
Behavior on the part of the firm that allows it to comply with the law but violate the spirit reducing the law's effect is
A. a creative response. B. the lemons problem. C. a positive-sum effect. D. a dominant strategy.