Moving along the aggregate supply curve, when the price level rises,
A) the quantity supplied decreases.
B) the quantity supplied increases.
C) the aggregate demand curve shifts rightward.
D) the aggregate demand curve shifts leftward.
E) the quantity supplied does not change because the aggregate supply curve is a vertical line.
B
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While many developing countries have reformed their economies in order to imitate the success of the successful industrial economies, the process remains incomplete and most developing countries tend to be characterized by all of the following EXCEPT
A) seigniorage. B) control of capital movements by limiting foreign exchange transactions connected with trade in assets. C) use of natural resources or agricultural commodities as an important share of exports. D) a worse job of directing savings toward their most efficient investment uses. E) reduced corruption and poverty due to limited underground markets.
Economists define technology as
A) machines such as computers. B) entrepreneurship. C) absolute advantage. D) society's knowledge concerning the production of goods.
An expansionary gap is equal to: a. real GDP minus nominal GDP
b. nominal GDP minus real GDP. c. the actual short-run output minus potential output. d. the actual price level minus expected price level. e. the actual long-run real GDP minus actual short-run disposable income.
Imports are goods and services bought domestically
A) and resold at a profit. B) and not subject to tariffs. C) and produced domestically. D) but produced in other countries.