The aggregate supply curve is a fixed point representing potential GDP
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that average labor productivity in Country C is $5,000, and that Countries C and E have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country E?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. $1,500 B. $6,250 C. $4,500 D. $1,000
Refer to Table 5.3. Rank the doctor's job choices in order, least risky first
A) Work for HMO, open own practice, do research B) Work for HMO, do research, open own practice C) Do research, open own practice, work for HMO D) Do research, work for HMO, open own practice E) Open own practice, work for HMO, do research
Quinn's income to spend each month on two normal goods, bowling or eating out, is $100. It costs $10 to bowl for the night, and it costs $20 for Quinn to eat at a restaurant. Quinn currently consumes four nights of bowling and three meals at a restaurant. If the price of bowling increased to $15, the income effect would predict:
A. Quinn would consume more of each good. B. Quinn would consume less bowling and more meals out. C. Quinn would consume less of each good. D. Quinn would consume more bowling and less meals out.
Suppose equilibrium price in the market is $30, and the marginal revenue is $20. What is the price elasticity of demand?
A. -3. B. 3. C. -5. D. -2.