Moving along a short-run aggregate supply curve, resource prices ________, the money rate wage ________, and potential GDP ________
A) do not change; changes; does not change
B) do not change; does not change; changes
C) change; does not change; does not change
D) do not change; does not change; does not change
D
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Sam buys gasoline and coffee each week. In order to draw his budget line between gasoline and coffee, Sam would have to know
A) only how much income he has available to spend on gasoline and coffee. B) only the prices of one gallon of gasoline and one pound of coffee. C) only how much gasoline he wants to buy and how much coffee he wants to drink. D) both how much income he has to spend and the prices of one gallon of gasoline and one pound of coffee.
We can explain the paradox of value as follows: The consumer surplus from water, which is cheap, is ________ than the consumer surplus from gold, which is expensive; the total utility from gold is ________ than the total utility from water; and the
marginal utility per dollar spent on water ________ the marginal utility per dollar spent on gold. A) greater; less; equals B) smaller; less; equals C) greater; greater; greater than D) less; greater; greater than
The economic model of consumer behavior explains how consumers' tastes and preferences are formed
Indicate whether the statement is true or false
The long-run effects of an increase in the saving rate include
a. a higher level of productivity. b. a higher growth rate of productivity. c. a higher growth rate of income. d. All of the above are correct.