The adoption of widespread use of computers contributed to the productivity speed-up from 1995 to 2000.
Answer the following statement true (T) or false (F)
True
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In the short run, ________
A) cost push shocks can cause firms to raise prices B) workers pushing for higher wages may lead to increases in inflation C) the aggregate supply curve may shift to the left with increases in expected inflation D) all of the above E) none of the above
The import demand curve shows the amount of the home country's:
a. surplus at various prices below the "no-trade" equilibrium. b. shortage at various prices below the "no-trade" equilibrium. c. equilibrium "no-trade" quantity demanded. d. surplus at various prices above the "no-trade" equilibrium. e. shortage at various prices above the "no-trade" equilibrium.
Situation 4-1 During the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the United States. At the beginning of 1974, some oil-producing countries imposed an oil embargo (a legal prohibition on commerce) on the West. In the spring of 1974, price controls were abolished. Refer to Situation 4-1. Because price controls were in
effect at the time the embargo occurred, an economist would have most likely predicted that A) the number of dollars one would need to pay at the pump (legally) for a full tank of gasoline would increase sharply. B) the number of dollars one would need to pay at the pump (legally) for a full tank of gasoline would decline sharply. C) long waiting lines and black markets would appear. D) a surplus of gasoline would result.
A decrease in supply _____ price and _____ the quantity sold.
Fill in the blank(s) with the appropriate word(s).