To make the calculation of real GDP more accurate, in 1996 the BEA switched to using
A) base-year prices.
B) current prices.
C) chain-weighted prices.
D) market prices.
Answer: C
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Any decrease in autonomous spending will
A) shift the IS curve to the left. B) shift the IS curve to the right. C) cause a movement down along an IS curve. D) cause a movement up along an IS curve.
A new technology that increases labor productivity will shift the
a. demand curve for labor to the left b. MLC curve to the left c. MPP curve upward d. MLC curve to the right e. demand for the good to the right
If people have trouble selling their houses, they should ________ the price of the houses until they make the sale.
Fill in the blank(s) with the appropriate word(s).
Explain how the market supply curve is derived. Does the law of supply apply to the market supply curve?
What will be an ideal response?