A beneficial supply shock such as a breakthrough in technology _____
Fill in the blank(s) with the appropriate word(s).
permanently shifts both the short-run and the long-run aggregate supply curves to the right.
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When economists talk about a "new normal" in terms of conditions in the production and employment sectors, they are suggesting a change in people's perceptions influenced by the:
A. Hindsight bias B. Confirmation bias C. Availability heuristic D. Framing effect
Refer to the graph below for a pure monopoly. A profit-maximizing monopolist would set what price and quantity levels in the short run?
A. P1 and Q1
B. P2 and Q3
C. P3 and Q2
D. P4 and Q1
The economic benefits of owning a home are greater when home prices are
a. falling and interest rates are high. b. rising and interest rates are low. c. rising and interest rates are high. d. falling and interest rates are low.
The "Four Freedoms" are an important goal of the
A) Treaty of Rome. B) Single European Act. C) European Monetary System. D) Maastricht Treaty.