Suppose the economy was initially in a long-run equilibrium. Then the world economy expands so that foreign income rises. U.S. aggregate demand ... and eventually the money wage rate ...
What will be an ideal response?
increases; rises
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Suppose the demand curve is perfectly inelastic and the supply curve is upward sloping. The price sellers receive after a specific tax is imposed on sellers
A) is less than before the tax. B) is higher than before the tax. C) is unchanged. D) depends on the supply elasticity.
Which of the following is true about sole proprietorship in the United States?
a. It is the most common form of business organization. b. It is responsible for a large portion of total production of goods and services. c. It offers the owner the least personal liability of any form of business organization. d. There is no opportunity cost to operating the business. e. Only one individual can work in such a firm.
Economists and psychologists are often on opposite sides of the economic growth debate. The nature of the debate is such that
A. economists emphasize the benefits of growth to finance valuable programs, and psychologists question whether more goods make people happier. B. economists emphasize that more money means more income for the government, and psychologists believe poorer people are happier. C. economists believe that economic growth imposes no serious costs on the economy, and psychologists question the statistical reliability of GDP numbers. D. economists stress the importance of money relative to leisure, and psychologists stress the importance of an unstructured life.
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. At Point C, the slope of q2 = 200 is
A. -2. B. -1/2. C. -1. D. indeterminate from this information.